Pinduoduo FY2018 revenues soar
Chinese social ecommerce platform Pinduoduo saw impressive gains in revenue, user numbers and GMV in its FY 2018. Total FY 2018 revenues were CNY13.12 billion (USD1.9 billion), representing an increase of 652% from CNY1.74 billion (USD0.3 billion) in 2017. GMV in the 12-month period was CNY471.6 billion (USD69.5 billion), an increase of 234%.
Total revenues in Q4 were CNY5.65 billion (USD0.8 billion), an increase of 379%. Active buyers in the 12-month period were 418.5 million, an increase of 71%. Annual spending per active buyer in the 12-month period was CNY1,127 (USD166) an increase of 95% from CNY576.9 in period ended 31 December 2017. Operating loss was CNY2.64 billion (USD0.3 billion), compared with an operating loss of CNY22.7 million in the same quarter of 2017.