May 22, 2020 / 10:39 AM / 15 days ago

Pinduoduo beats quarterly revenue estimates as demand for online shopping soars

May 22 (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. ($1 = 7.1346 Chinese yuan renminbi) (Reporting by Neha Malara in Bengaluru and Sophie Yu in Beijing;)

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