Pinduoduo, founded by an ex-Googler, reported GMV of 262.1 billion yuan (US$39.6 bn) in the twelve-month period ended June 30, 2018, an increase of 583% from last year.
Active buyers grew by 245% to 343.6 million and annual spending per active buyer was 762.8 yuan (US$115.3), increased by 98% year-on-year. Average monthly active users reached 195 million in Q2 2018, up by 495% year-on-year.
Total revenues of Pinduoduo was 2,709.0 million yuan (US$409.4 million) in Q2 2018, increased by 2,489% year-on-year and 96% quarter-on-quarter.
- Revenues from online marketing services were 2,371.0 million yuan (US$358.3 million), a significant increase from 32.1 million yuan in Q2 2017, and an increase of 114% sequentially from 1,108.1 million yuan in Q1 2018.
- Revenues from commission fees were 338.1 million yuan (US$51.1 million), an increase of 366% from 72.5 million yuan in Q2 2017, and an increase of 22% sequentially from 276.5 million yuan in Q1 2018.
Total operating expenses were 8,957.4 million yuan (US$1,353.7 million) in Q2 2018, compared with 119.8 million yuan in Q2 2017.
Sales and marketing expenses were 2,970.7 million yuan (US$448.9 million), a significant increase from 88.9 million yuan in Q2 2017, mainly due to an increase in branding campaigns and online and offline advertisement and promotions.
General and administrative expenses were 5,800.7 million yuan (US$876.6 million), a significant increase from 6.0 million yuan in Q2 2017, primarily due to an increase in headcount and share-based compensation expenses.
Research and development expenses were 186.0 million yuan (US$28.1 million), an increase of 648% from 24.9 million yuan in Q2 2017. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&D personnel, as well as an increase in the R&D related cloud services expenses.
Operating loss was 6,636.2 million yuan (US$1,002.9 million), compared with operating loss of 122.7 million yuan in Q2 2017. Non-GAAP operating loss was 815.7 million yuan (US$123.3 million), compared with 119.9 million yuan in Q2 2017.
Net loss attributable to ordinary shareholders was 6,493.9 million yuan (US$981.4 million), compared with 109.5 million yuan in Q2 2017. Non-GAAP net loss attributable to ordinary shareholders was 673.4 million yuan (US$101.8 million), compared with 106.7 million yuan in Q2 2017.
Cash and cash equivalents were 9.0 billion yuan (US$1.4 billion) as of June 30, 2018, compared with 3.1 billion yuan as of December 31, 2017.