File photo/NBD

On March 20th, Pinduoduo released its financial results for the fourth quarter and whole year of 2022 ending December 31st, 2022.

The financial report shows that Pinduoduo's total revenue for 2022 was 130.5576 billion yuan, showing an increase of 39% year on year; net profit attributable to ordinary shareholders was 31.5381 billion yuan, delivering an increase of 306% year on year; net profit attributable to ordinary shareholders in accordance with the US GAAP was 39.5297 billion yuan, showing an increase of 186% compared to that of 2021.

After the release of the financial report, Pinduoduo's shares quickly fell in the pre-market trading and once fell by more than 16%. As of the market close on March 20th, the stock declined by 14.17%, closing at US$78.91 per share, with the market value being US$99.773 billion.

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With regard to the development of the company's cross-border business Temu, Chen Lei, Chairman and CEO of Pinduoduo, said during the conference call after the release of the financial report that the business was launched in September 2022 and is still in its early stage. The company will remain patient and continue to improve itself to create long-term value.

When talking about the financial impact brought by cross-border business, Liu Jun, Vice President of Finance at Pinduoduo, said that since the cross-border business is still in its early stages of development, its impact on the company's financial performance in the fourth quarter of 2022 is small.