Registers an operating profit of $332.0 million in the same quarter
China-based agriculture and interactive commerce platform Pinduoduo has announced its unaudited financial results for the third quarter ended September 30, 2021.
In the Third Quarter 2021, the total revenues in the quarter were RMB21,505.8 million ($13,337.6 million), an increase of 51 per cent from RMB14,209.8 million in the same quarter of 2020. The average monthly active users in the quarter were 741.5 million, an increase of 15 per cent from 643.4 million in the same quarter of 2020.
Active buyers in the twelve months ended September 30, 2021, was 867.3 million, an increase of 19 per cent from 731.3 million in the twelve months ended September 30, 2020.
The operating profit in the quarter was RMB2,139.3 million ($332.0 million), compared with an operating loss of RMB1,295.7 million in the same quarter of 2020. Non-GAAP4 operating profit in the quarter was RMB3,260.7 million ($506.1 million), compared with a non-GAAP operating loss of RMB339.8 million in the same quarter of 2020.
The net income attributable to ordinary shareholders in the quarter was RMB1,640.0 million ($254.5 million), compared with a net loss of RMB784.7 million in the same quarter of 2020. Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB3,150.2 million ($488.9 million), compared with RMB466.4 million in the same quarter of 2020.
“We are placing more focus on investments in R&D, away from the previous emphasis on sales and marketing in our first five years,” said Lei Chen, Chairman and CEO, Pinduoduo. “We want to leverage our strength in technology to deepen our digital inclusion efforts in agriculture, and will allocate all profits from the third quarter to the ’10 Billion Agriculture Initiative’.”
“Our total revenues, excluding the contribution from merchandise sales, grew by 55 per cent on a year-over-year basis, to RMB21.4 billion in Q3 2021,” said Tony Ma, Vice President of Finance.
