(Reuters) – China’s Pinduoduo Inc beat first-quarter revenue estimates on Friday as more people shopped on its e-commerce platform during coronavirus lockdowns that have shut most brick-and-mortar outlets.
FILE PHOTO: A display at the Nasdaq Market Site shows a message after Chinese online group discounter Pinduoduo Inc. (PDD) was listed on the Nasdaq exchange in Times Square in New York City, New York, U.S., July 26, 2018. REUTERS/Mike Segar
Stay-at-home orders have boosted demand for online shopping as people stock up on groceries and food items from home and sellers too turn to online platforms to run down inventories.
The growth rate of active buyers in the 12 months ended March remained robust, reaching 628 million, representing an increase of 42% year on year. It took PDD only five years to raise the number above 600 million, further narrowing the gap with competitor Alibaba Group that reported on Friday that annual active consumers reached 726 million by end of March.
The…
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