E-commerce upstart Pinduoduo posts 44% revenue growth in Q1

SHANGHAI - Major Chinese e-commerce platform Pinduoduo Inc posted a 44 percent year-on-year revenue growth in the first quarter of 2020 with soaring active user number amid the COVID-19 epidemic.

Total revenue in the quarter ending March 31 were 6.54 billion yuan ($923.8 million), according to its unaudited financial results for the first quarter released on Friday.

Its gross merchandise volume (GMV) in the twelve-month period ending March 31 was 1,157.2 billion yuan, an increase of 108 percent from a year earlier.

In the twelve-month period ending March 31, the number of active buyers was 628 million.

"We remain committed to our users, merchants and ecosystem partners during this difficult period. In the first quarter, we adopted numerous measures to support them, including providing free bandwidth to farmers and small businesses, and stabilizing the prices of medical and other daily necessities that were in high demand," said Huang Zheng, chairman and CEO of Pinduoduo.