On May 27, pinduoduo released its financial report for the first quarter of 2022. The data showed that pinduoduo's revenue in the first quarter was 23.8 billion yuan, an increase of 7% year-on-year. The operating profit under US GAAP is 2.2 billion yuan. As of March 31, 2022, the number of active buyers for pinduo years had reached 881.9 million, a year-on-year increase of 7%. In this quarter, the average number of monthly active users of pinduoduo app reached 751.3 million, a year-on-year increase of 4%.
In the first quarter, the marketing expenses under the general accounting standards decreased by 14% compared with the same period in 2021. R & D expenses increased by 20% to 2.7 billion yuan compared with 2.2 billion yuan in the same period in 2021.
"In the past few quarters, we have chosen to devote more resources and energy to digital technology, agricultural science and technology and agricultural product logistics." Chen Lei said that at present, heavy warehouse technology and agriculture have gradually achieved results, which also makes us more determined to commit to agricultural Digitalization for a long time.
The financial report shows that the number of active buyers of pinduoduo has reached 881.9 million in the 12 months ending March 31, 2022. Compared with the same period in 2021, it increased by 58.1 million, or 7%. In the first quarter, the average number of monthly active users was 751.3 million, a year-on-year increase of 4%.
In terms of revenue, pinduoduo's revenue in this quarter was 23.8 billion yuan, up 7% from 22.2 billion yuan in the same period in 2021, mainly due to the growth of online marketing service revenue and transaction service revenue.
"The growth of revenue in this quarter is mainly due to the growth of platform business activities and transaction volume." Liujun, vice president of pinduoduo finance, said that under the premise of slowing down the growth of users, the platform has paid more attention to the technical field in the past few quarters, provided more diversified services for consumers and businesses with technological innovation, and greatly improved the productivity of the platform.
In the first quarter, under the general accounting standards, pinduoduo's marketing expenses decreased by 14% year-on-year, and the proportion of marketing expenses in revenue further decreased to 47%, compared with 59% in the same period in 2021. At the same time, due to the growth of the number of employees and the recruitment of more senior R & D personnel, pinduoduo's R & D expenses in the first quarter also reached a new high, with a year-on-year increase of 20% to 2.7 billion yuan.
Driven by the strategy of reducing marketing weight and R & D, the platform is gradually moving towards sustainable growth. Under the U.S. general accounting standards, the operating profit in this quarter was 2.2 billion yuan, and the net profit attributable to common shareholders was 2.6 billion yuan.
Over the past year, under the leadership of Chen Lei, pinduoduo has gradually completed the strategic transformation from focusing on marketing to focusing on R & D, continued to invest heavily in the agricultural field, and continuously invested tens of billions of profits to set up the "ten billion agricultural research" project. At present, this long-term strategy has achieved initial results.
As an e-commerce platform based on agricultural products, pinduoduo has also further increased its investment in infrastructure such as transportation, logistics and storage of agricultural products in the past few quarters, significantly improving the scale and efficiency of the upward movement of agricultural products. Thanks to this, as of March 31, 2022, nearly 40000 high-quality agricultural products have been launched on the 10 billion subsidy channel.
"In the past year, we have paid more attention to cultivating our internal skills and achieved initial results in the fields of digital technology, agricultural science and technology and agricultural product logistics." Chen Lei said that this also strengthens our long-term commitment to agricultural digitalization. We believe that the opportunities and efficiency released by agricultural digitalization will benefit the whole society.
