Pinduoduo transaction revenue surges 315% as Chinese consumers hunt for bargains
Publishing timestamp: 2023-11-29 01:56:51
Summary
Pinduoduo, a Chinese e-commerce company known for its bargain-priced products, reported a 94% growth in third-quarter revenue, surpassing Alibaba's 9% growth during the same period. Pinduoduo's revenue from transactions also skyrocketed by 315% in the third quarter. The company's success contrasts with slower growth for Alibaba and JD.com. Additionally, Meituan, a food delivery giant, saw a 22.1% increase in revenue but warned of a slowdown in growth in its main food delivery business in the fourth quarter. Overall, Chinese consumers are becoming more cost-conscious and prefer value for money selections.
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Keywords: jd.com inc, technology, earnings, breaking news: technology, alibaba group holding ltd, internet, pdd holdings inc, business news, meituan,