Shulou(Shulou.com)11/24 Report--

According to CTOnews.com news on August 29, pinduoduo today released its results for the second quarter of 2023, which ended June 30: revenue of 52.28 billion yuan ($7.2098 billion), and market expectations of 43.679 billion yuan, compared with 31.44 billion yuan in the same period last year, an increase of 66.3 percent over the same period last year.

Second-quarter operating profit was 12.7188 billion yuan ($1.754 billion), up 46 per cent from 8.6972 billion yuan in the same quarter in 2022. Non-GAAP2's operating profit for the quarter was 14.6094 billion yuan ($2.0147 billion), up 39% from 10.5415 billion yuan in the same quarter in 2022.

Net profit attributable to common shareholders in the second quarter was 13.1081 billion yuan ($1.8077 billion), up 47 per cent from 8.8963 billion yuan in the same quarter in 2022. Non-GAAP net profit attributable to common shareholders in the second quarter was 15.2694 billion yuan ($2.1057 billion), up 42 per cent from 10.7763 billion yuan in the same quarter in 2022.

CTOnews.com summarizes the data from pinduoduo's financial report as follows:

Online marketing services and other revenues were 37.9328 billion yuan ($5.2312 billion), up 50 per cent from 25.2234 billion yuan in the same quarter of 2022.

Revenue from trading services was 14.3479 billion yuan ($1.9787 billion), up 131% from 6.2162 billion yuan in the same quarter of 2022.

The total cost was 18.6898 billion yuan ($2.5774 billion), up 135 per cent from 7.9619 billion yuan in the same quarter of 2022. The increase is mainly due to the increase in performance costs and payment processing costs.

Total operating expenses were 20.8722 billion yuan ($2.8784 billion), up 41 per cent from 14.7805 billion yuan in the same quarter of 2022. This increase is mainly due to an increase in sales and marketing costs.

Sales and marketing expenses were 17.5422 billion yuan ($2.4192 billion), up 55% from 11.3434 billion yuan in the same quarter of 2022, mainly due to increased spending on promotions and advertising activities.

Research and development costs were 2.734 billion yuan ($377 million), compared with 2.6114 billion yuan in the same quarter of 2022.

"in the past quarter, we have observed a continued increase in consumer demand for multiple product categories." Chen Lei, chairman and co-CEO of pinduoduo Group, said, "We have also actively organized a number of promotional activities to activate consumption."

"in the past second quarter, we continue to take out real money and increase subsidies. 'what consumers like, we will subsidize', and sincerely give back to platform users." Zhao Jiazhen, executive director and co-CEO of pinduoduo Group, said, "while tamping down the 'multi-benefits', we also continue to improve the ability of 'good service' and enhance consumers' trust in the platform."

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