Skip to main content

Pinduoduo 4Q revenue tops estimates, states goal to be world’s top grocer

Written by Customer Service on . Posted in Public Companies.

Pinduoduo aims to build up agri-focused logistics infrastructure platform that will reduce waste, lower costs and speed up delivery of agricultural products
Grocery goal part of broader plan to strengthen food supply chain resilience, promote digital inclusion in rural communitiesSHANGHAI, China, March 17, 2021 (GLOBE NEWSWIRE) — Pinduoduo’s reported fourth-quarter revenue topped analyst estimates, as China’s largest agriculture platform pledged to make basic necessities more affordable and set a goal to become the world’s top grocer.Revenue in the quarter ended Dec. 31, 2020, rose 146 % from a year earlier to RMB 26,547.7 million ($4,068.6 billion), beating consensus analyst estimates. The number of annual active buyers increased 57 million to reach 788.4 million for the trailing 12 months. Monthly active users, a measure of user engagement, reached 719.9 million.“We hope that in the next stage, Pinduoduo will become the world’s largest agriculture and grocery platform, and make groceries sourced around the world affordable and available to our users,” said Chen Lei, Chairman and CEO of Pinduoduo.To achieve this goal, the company will build an agriculture-focused logistics infrastructure platform that will reduce waste, lower costs and speed up the delivery of agricultural products, Chen said. Calling it a “work in progress,” the infrastructure will require “a few more years of investment before it can realize its full potential and achieve efficiency,” he said.This seamless merging of the two spaces has been powered by the mobile internet and has thrown up new opportunities. Pinduoduo launched Duo Duo Grocery in August 2020 after observing that consumers are increasingly turning to online platforms to purchase food. Duo Duo Grocery allows consumers to order their groceries through the (online) Pinduoduo app the day before and pick up the orders from selected (offline) collection points, connecting local farmers with local consumers and giving new impetus to the farm-to-table movement.Last year, consumers bought more than RMB 270 billion worth of agriculture-related products on Pinduoduo, a doubling in value from 2019 and cementing the company’s position as the largest agriculture platform in China.“Pinduoduo started off by selling fresh produce online. It was a conscious decision because we found them to be a necessity, and optimizing their production, distribution and consumption would bring the greatest widespread benefit,” Chen said. “We have never lost sight of this beginning, and agriculture has consistently been a strategic priority for us.”For investor and media inquiries, please contact:
Pinduoduo Inc.

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.