Pinduoduo (Nasdaq:PDD) today announced its financial results for the first quarter of 2022 ended March 31. Pinduoduo reported revenue of 23.793.7 billion yuan ($3.753.4 billion) in the first quarter, up 7% from 22.167.1 billion yuan a year earlier. Net profit attributable to pduo Duo's common shareholders was 2.5995 billion yuan ($410.1 million), compared with a net loss of 2.9054 billion yuan a year earlier. Net profit attributable to pindoduo's common shareholders, excluding GAAP, was 4.0004 billion yuan ($662.6 million), compared with a net loss of 1.8093 billion yuan a year earlier.
According to the financial report, Pinduoduo's Q1 R&D expenditure was 2.6685 billion yuan, up 20% year on year; Sales and marketing expenses were 11.2191 billion yuan, down 14 percent year-on-year.