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Pinduoduo application on a cellphone. /CFP
Pinduoduo Inc's (PDD) revenue for third quarter surpassed Wall Street estimates, on Monday, as strength in online marketing and transaction services offset some weakness in merchandize sales, sending its shares up 10 percent in U.S. premarket trade.
The recovery in consumer spending helped PDD and other online retailers gain business in the third quarter of the year.
PDD's revenue increased 65 percent to 35.50 billion yuan ($4.99 billion) in the quarter ended September 30, surpassing estimates of 30.94 billion yuan, according to Refinitiv data.
The e-commerce platform will increase its research and development investment to further enhance the supply chain efficiency and agricultural digital inclusion, said Chen Lei, chairman and CEO of PDD, according to the company's press release.
PDD's performance comes as the latest reports by larger e-commerce peers point to a recovery in the Chinese market.
JD.com Inc. posted an 11.4 percent rise in third-quarter revenue last week and said that it was seeing signs of a consumption recovery. Rival Alibaba Group Holding Ltd reported 3 percent revenue growth for the second quarter.
(Source: Reuters with edits)
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Disinformation report hotline: 010-85061466