Pinduoduo Sees Market Cap Close In on Alibaba as Third-Quarter Profit Jumps 47%

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Pinduoduo’s market capitalization has neared rival Alibaba’s after the group-buying platform reported a 47% increase in Q3 profit from the previous year. Pinduoduo closed 18.1% higher at $139 a share, giving it a market cap of $183.4 billion, compared to Alibaba’s $195.2 billion. The company’s net income for the quarter ending Sept. 30 was CNY15.5 billion ($2.1 billion), with revenue nearly doubling to CNY68.8 billion.

Read More: https://www.yicaiglobal.com/news/pinduoduo-speeds-up-pace-to-top-alibaba-with-47-profit-boost-in-third-quarter

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