Pinduoduo’s revenue in the first quarter was 37.64 billion yuan to establish a special project of “10 billion ecology”

According to news on May 26, Pinduoduo Group released its results for the first quarter of 2023 as of March 31. The financial report shows that Pinduoduo Group achieved revenue of 37.64 billion yuan in the first quarter, a year-on-year increase of 58.2%.

Chen Lei, chairman and co-CEO of Pinduoduo Group, said, “In the past few quarters, we have steadily adjusted our strategy and shifted our focus from growth rate to quality improvement. We are focused on promoting the ecological construction of the platform and taking quality improvement as our primary goal. This The quarterly results also partially reflect the results of the transition to high-quality development.”

“We will be based on reality, increase investment in the supply chain, find stronger driving forces for high-quality development, accelerate the construction of a healthy ecology of ‘more benefits + better services’, and promote a win-win situation for the platform’s ecological health.” Executive Director of Pinduoduo Group, Co-CEO Jiazhen Zhao said.

Since the beginning of this year, Pinduoduo has accelerated its strategic transformation from fast to stable, from speed to quality. In the first quarter, the R&D investment of the platform increased by 4.2% from the previous quarter, reaching 2.51 billion yuan. The number of Pinduoduo’s R&D team will increase by 15% in 2022, accounting for about half of the total number of employees.

According to the financial report data, the net profit in the first quarter under the general caliber of the United States was 8.10 billion yuan, which was a decline compared with the fourth quarter of last year. In this regard, Liu Jun, vice president of finance of Pinduoduo, said, “Pinduoduo is still in the ‘investment period’, and will continue to increase investment in the future to further promote the ecological construction of the platform.”

In addition, the financial report disclosed that Pinduoduo will set up a special project of “ten billion ecology”. This special project aims to tilt the resources of high-quality merchants and commodities, promote the growth of small and medium-sized enterprises and high-quality merchants, and improve the overall service efficiency and quality of platform merchants.