Chinese e-commerce platform Pinduoduo Inc beat Wall Street estimates for third-quarter revenue on Monday, helped by COVID-related lockdowns in the country that forced consumers to shop online, reports Reuters. Intermittent lockdowns and a recovery in consumer spending helped Pinduoduo and other Chinese online retailers gain business in the July-September quarter.
Pinduoduo said its revenue jumped 65% to RMB 35.50 billion ($4.99 billion) in the quarter ended Sept. 30, surpassing estimates of RMB 30.94 billion, according to Refinitiv data.
Agricultural produce, consumer electronics and beauty products were among categories that performed well, Pinduoduo Chairman and Chief Executive Chen Lei told analysts on a call following the earnings announcement.
