Pinduoduo's intraday market value surpasses Alibaba again
Another popular Chinese concept e-commerce stock also achieved impressive performance. On May 22nd, Pinduoduo Group released its Q1 2024 performance report as of March 31st.
The report shows that Pinduoduo Group achieved a revenue of 86.812 billion yuan in the first quarter of this year, compared to a market estimate of 76.86 billion yuan, a year-on-year increase of 130.66%; After adjustment, the net profit was 30.602 billion yuan, with a market estimate of 15.53 billion yuan, a year-on-year increase of 202%, both far exceeding market expectations. The transaction service revenue for the quarter was 44.356 billion yuan, a year-on-year increase of 327%. The marketing and marketing expenses amounted to 23.411 billion yuan, a year-on-year increase of 44%.
Affected by this news, Pinduoduo's US stock market surged by over 9% before opening, but quickly rose after the opening, followed by a pullback. As of the close, the increase was 1.13%, with a market value of 204.274 billion US dollars. Alibaba, another Internet e-commerce giant, has fallen for three consecutive days, closing down 3.98%, with a market value of US $210.619 billion. Alibaba was once more than matched in market value.
Since November last year, Pinduoduo's market value has surpassed Alibaba for the first time, and the gap continues to narrow after the stock price correction. Since its first profit in the third quarter of 2021, Pinduoduo's net profit has continued to grow at a rate of no less than 50%, while Alibaba's profit growth has been relatively small, affecting its stock price.
Zhao Jiazhen, Executive Director and Co CEO of Pinduoduo Group, stated that the company is still in a growth period and will continue to increase investment in deepening its high-quality development strategy this year. The high-quality development of the company is a long-term, massive, and complex system engineering, which will gather various forces, solidly promote and implement, and accelerate the achievement of the goals and tasks of this new stage of development.