Pinduoduo reports strong growth

The hugely contentious online discounter Pinduoduo Inc reported strong growth in the third fiscal quarter, sweeping away many of the market doubts that have been lingering since its initial public offering on the Nasdaq.

According to unaudited fiscal results released on Wednesday, Pinduoduo's total revenue reached $491 million by the end of the third quarter that ended on Sept 30, up 697 percent year-on-year. Its gross merchandize volume surged 386 percent from a year earlier to reach $50.2 billion. The number of average monthly active users in the third quarter was 231.7 million, up 226 percent year-on-year.

But it should be noted that the company's reported loss in the third quarter was $90.1 million, while the figure was around $30 million during the same period last year.