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The intermittent lockdowns and a recovery in consumer spending helped Pinduoduo and other online retailers gain business in the by-gone quarter.
Pinduoduo’s revenue increased 65% to 35.50 billion yuan ($4.99 billion) in the quarter ended Sept. 30, surpassing estimates of 30.94 billion yuan, according to Refinitiv data.
Pinduoduo’s performance comes as the latest reports by larger e-commerce peers point to a recovery in the Chinese market.
JD (NASDAQ:JD).com Inc posted an 11.4% rise in third-quarter revenue last week and said that it was seeing signs of a consumption recovery. Rival Alibaba (NYSE:BABA) Group Holding Ltd reported 3% revenue growth for the second quarter.
($1 = 7.19 Chinese yuan renminbi)
