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Chinau0027s Pinduoduo posts first quarterly profit

August 25, 2021
Source: channelnewsasia.com channelnewsasia.com
News Snapshot:
:Chinese e-commerce platform Pinduoduo Inc reported its first ever quarterly profit on Tuesday as shoppers stayed online despite the easing of pandemic lockdowns but the company warned it could be a one-off. Pinduoduo, which has the biggest e-commerce user base in China, said its profitability going forward was likely to be affected both by intensifying competition and investment in an agricultural sector initiative it launched on Tuesday. Since being founded in 2015, the Nasdaq-listed company has become a competitive player in China's booming e-commerce space through an approach that melds social media with online shopping to offer attractive discounts. In...
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Tags: Beijing | chairman | China | Chinese | currency | data | e-commerce | executive | finance | infrastructure | investment | IT | loss | media | nasdaq | online | online shopping | Pandemic | Pinduoduo | Renminbi | revenue | social media | stock market | technology | Yuan

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