Pinduoduo Financial Report: In Q3 2023, Pinduoduo's revenue was 68.84 billion yuan, a year-on-year increase of 93.9%

According to recent news, "The one who looks down on others is about to become the big brother." An employee wrote on Alibaba's intranet after Pinduoduo's financial report was released.

Recently, Pinduoduo Group released its third quarter performance report for 2023. In this quarter, Pinduoduo Group's revenue was 68.84 billion yuan, a year-on-year increase of 93.9%; it achieved a net profit of 15.54 billion yuan under US GAAP, with a net profit margin of 22.6%. Both revenue and profit exceeded market expectations.

This "best Pinduoduo in history" financial report made Jack Ma speak out rarely on Alibaba's intranet, saying "Alibaba will change, Alibaba will reform" and "Congratulations to PDD for his decision-making, execution and hard work over the past few years."

Compared with Mr. Ma’s speech, an employee’s post seems to resonate more with ordinary consumers.

The second post by the third floor employee:

Simple purchase, simple return, less tricks, more benefits , I never feel that using Tmall and JD.com is more high-end than using Pinduoduo. . . The original intention of making business easier should be to serve and achieve greater success for the people .

In response, Jack Ma said:

Very good. Please give more constructive comments and suggestions. Especially innovative ideas. I believe that all Alibaba people today are watching and listening. I am more convinced that Alibaba will change and Alibaba will reform. All great companies were born in winter. The era of AI e-commerce has just begun, which is an opportunity and a challenge for everyone. Congratulations to pdd for his decision-making, execution and hard work in the past few years. Everyone has been awesome, but only those who can reform for the sake of tomorrow and the day after tomorrow, and those who are willing to pay any price and sacrifice, deserve respect. Back to our mission and vision, Alibaba people, come on! Partner Jack Ma

Influenced by the financial report news, Pinduoduo's stock price once soared by 18%. As of the close of U.S. stocks on the 28th, Pinduoduo's market value reached US$184.6 billion.

In comparison, Alibaba's market value is $195.4 billion. JD.com's current market value is $44.3 billion, and Vipshop's is $8.9 billion.

There have been many analyses of Pinduoduo’s success. Here is a quote from Pinduoduo’s co-CEO Zhao Jiazhen:

"Competition is the norm in the industry, and Pinduoduo is more concerned about continuously improving its core competitiveness. The company's approach to dealing with competition has always been very clear, that is, don't look at what competitors are doing, but look at what consumers need."

So, when you usually buy things, do you use Pinduoduo, Tmall, or JD.com?

Zikuai Technology