Pinduoduo beats quarterly revenue estimates as demand for online shopping soars

A display at the Nasdaq Market Site shows a message after Chinese online group discounter Pinduoduo Inc. (PDD) was listed on the Nasdaq exchange in Times Square in New York City, New York, U.S., July 26, 2018. REUTERS/Mike Segar

(Reuters) – China’s Pinduoduo Inc beat first-quarter revenue estimates on Friday, as more people shopped at its e-commerce platform during coronavirus lockdowns that shut down most brick and mortar shops.

The e-commerce company known for its deep discounts, said revenue rose 44% to 6.54 billion yuan ($916.66 million), beating estimates of 4.97 billion yuan, according to IBES data by Refinitiv.

Reporting by Neha Malara in Bengaluru and Sophie Yu in Beijing