Pinduoduo’s GMV in the twelve-month period ended March 31, 2019 was RMB557.4 billion (US$2 83.1 billion), an increase of 181% from RMB 198.7 billion in the twelve-month period ended March 31, 2018 according to its unaudited financial results.
Pinduoduo’s revenue growth was driven by the rapid growth in its annual active buyer base and annual spending per active buyer.
Total revenues in Q1 2019 were RMB4,545.2 million (US$677.3 million), an increase of 228% from RMB1,384.6 million in Q1 2018.
- Revenues from online marketing services were RMB3,948.4 million (US$588.3 million), an increase of 256% from RMB1,108.1 million in Q1 2018.
- Revenues from transaction services were RMB596.8 million (US$88.9 million), an increase of 116% from RMB276.5 million in Q1 2018.
Average monthly active users in the quarter were 289.7 million, an increase of 74% from 166.2 million in Q1 2018.
Active buyers in the twelve-month period ended March 31, 2019 were 443.3 million, an increase of 50% from 294.9 million in the twelve-month period ended March 31, 2018.
Annual spending per active buyer in the twelve-month period ended March 31, 2019 was RMB1,257.3 (US$187.3), an increase of 87% from RMB673.9 in the twelve-month period ended March 31, 2018.
Pinduoduo’s mobile app is among the top 30 mobile apps by UVs in March 2019 according to data from iResearch.
Total costs of revenues were RMB873.3 million (US$130.1 million), an increase of 174% from RMB318.7 million in the same quarter of 2018.
Pinduoduo’s operating loss increased to RMB2,120.5 million (US$316.0 million), compared with operating loss of RMB253.1 million in Q1 2018. Non-GAAP operating loss was RMB1,621.9million (US$241.7 million), compared with RMB239.5 million in the same quarter of 2018.
Net loss attributable to ordinary shareholders was RMB1,877.7 million (US$279.8 million), compared with a net loss of RMB281.5 million in Q1 2018. Non-GAAP net loss attributable to ordinary shareholders was RMB1,379.1 million (US$205.5 million), compared with Non-GAAP net loss attributable to ordinary shareholders of RMB267.9 million in Q1 2018.