On May 27, Pinduoduo (PDD.US) released its financial report for the first quarter of 2022. Financial reports show that under GAAP, Pinduoduo's marketing expenses for the current quarter were 11.2 billion yuan, down 14% from the same period in 2021.
Under the leadership of Chairman and CEO Chen Lei of Pinduoduo, Pinduoduo has continuously curtailed marketing over the past year, re-invested in technology and agriculture, and gradually moved towards more steady and sustainable growth. This quarter, Pinduoduo's revenue was 23.8 billion yuan, an increase of 7% over the previous year. Operating profit under the US GAAP was 2.2 billion yuan. R&D expenses were 2.7 billion yuan, up 20% from 2.2 billion yuan in the same period in 2021.
“Over the past few quarters, we chose to invest more resources and energy into fields such as digital technology, agricultural technology, and agricultural product logistics.” Chen Lei said that at present, heavy warehousing technology and agriculture have gradually borne fruit, which has also strengthened our long-term commitment to agricultural digitalization.