E-commerce marketplace Pinduoduo (PDD) saw H2 revenue up by 66 percent from last year to 52.3 billion yuan (US$7.2 billion). Operating profit reached 12.7 billion yuan, up 46 percent.
Online marketing services brought in 37.9 billion yuan and transaction services contributed 14.4 billion yuan. Net income attributable to ordinary shareholders climbed to 1.3 billion yuan, a 47-percent increase.
Costs are rising much faster than revenue, reaching 18.7 billion yuan, a 135 percent year-on-year increase. Total operating expenses amounted to 20.9 billion yuan, a 41 percent increase, primarily attributed to the expansion of PDD's overseas e-commerce platform, Temu.
