Pinduoduo responded to the cross-border business: it is still in the early stage of development and has little impact on the financial results.
CTOnews.com March 21 news, pinduoduo yesterday released the fourth quarter of 2022 and full-year financial results as of December 31.
According to the financial report, pinduoduo's total revenue in 2022 was 130.5576 billion yuan, an increase of 39 percent over the same period last year; the net profit belonging to pinduoduo's common shareholders was 31.5381 billion yuan, an increase of 306 percent over the same period last year; the net profit attributed to pinduoduo's common shareholders not in accordance with American general accounting standards was 39.5297 billion yuan, an increase of 186 percent over 2021.
In a conference call after the release of the results, Chen Lei, chairman and chief executive of pinduoduo, said in response to the progress of the cross-border business, or Temu, that "it has only been about half a year since its launch in September last year and it is still in its early stages. We will be patient, continue to improve ourselves, and strive to create long-term value."
On the financial impact of cross-border business, Liu Jie, vice president of finance of pinduoduo, said that because the cross-border business is still in the early stages of development, it has little impact on the company's financial results for the fourth quarter of 2022.
"in the fourth quarter, we saw the return and release of consumer demand," Chen said. We have increased the benefits of platform subsidies and are glad to contribute to the platform in boosting consumer confidence. We will continue to invest to better meet consumers' dual expectations of quality and price. "
CTOnews.com noted that the share price fell quickly before the announcement, falling more than 16% at one point and closing down 14.17% at $78.91 per share, with a market capitalization of $99.773 billion.
What is noteworthy is that recently, JD.com has also launched a subsidy of 10 billion yuan. However, unlike previous time-limited activities, JD.com intends to make 10 billion yuan in subsidies into a regular part of the platform.
