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Markets News

China's Pinduoduo beats quarterly revenue estimates

Nov 12 (Reuters) - Chinese e-commerce platform Pinduoduo Inc reported better-than-expected quarterly revenue on Thursday, helped by strong demand as the domestic economy began to show signs of a recovery from the COVID-19 pandemic.

Revenue jumped 89% to 14.21 billion yuan ($2.15 billion) in the third quarter ended Sept. 30, beating analysts’ estimates of 12.34 billion yuan ($1.86 billion), according to IBES data from Refinitiv.

$1 = 6.6188 Chinese yuan renminbi Reporting by Eva Mathews in Bengaluru; Editing by Shounak Dasgupta

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