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Pinduoduo reports revenue, profits jump for Q2
CGTN
A logo of Pinduoduo is displayed on a cellphone./CFP

A logo of Pinduoduo is displayed on a cellphone./CFP

Chinese e-commerce company Pinduoduo reported massive revenue and profit growth for the second quarter, benefiting from recovering consumer demand since May.

The company's revenue jumped 36 percent year on year to 31.44 billion yuan ($4.55 billion) for the June quarter and its net profit surged to about 8.9 billion yuan, an increase of 268 percent on a yearly basis, according to its earnings results posted on Monday night.

"We witnessed the resilience of China's consumption during the second quarter," Chairman and Chief Executive Chen Lei said in an earnings call on Monday night, noting that consumer sentiment gradually recovered in the second half of Q2.

"Since May, we launched several campaigns and disputed coupons to bolster consumer confidence. Such recovery in consumer confidence was also reflected in a positive reception for this year's June 18 shopping festival," Chen said.

Pinduoduo, a rising rival of Alibaba Group and JD.com in China, plans to launch a cross-border e-commerce platform in September and is targeting the U.S. as its first overseas market, Reuters reported last week, citing an anonymous source.

Answering a question about the report, Chen said overseas business is an opportunity, "so we believe that it is a direction that is worth trying out for us," without revealing more details about the move.

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