Nov 21, 2018 (China Knowledge) - Pinduoduo has announced its third quarter financial report, yesterday. The report shows that the company's active buyers'annual average consumption has hit RMB 894.4, an increase of 99% compared to the same period last year.
The company said that the increase in consumption was mainly due to significant improvement of the quality of sellers and crack down on counterfeits. Pinduoduo's official "double Anti-counterfeiting action" shows that 5016 illegal shops were closed down, with more than 4.83 million products taken off the shelves.
The data reveals that the number of company's active users on the platform was 385.5 billion as of September 30, 2018, up 144% over the same period last year. The average number of monthly mobile users on the platform remained 231.7 million, an increase 226% year-on-year.
In addition to that, the company's annual Gross Merchandise Volume (GMV) hiked 386%, up to RMB 344.8 billion, mainly due to double increase in active buyers and average yearly consumption.
The financial report shows that in the third quarter of 2018, the company achieved a revenue of RMB 3.376 billion, an increase of 679% year-on-year, and up 24% from the second quarter, the increase in revenue was mainly due to the strong growth in online marketing technology services revenue.
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