PDD: Strong User Growth Momentum And High Transaction Volume In 3Q20
PDD will report 3Q20 results on November 12th before the markets open with a 7:30am EST conference call. Even though the third quarter of 2020 is a weaker quarter for e-commerce after the hike in 2Q20, with its ongoing efforts, PDD traffic as well as its user engagements recovered. Based on our data and our model, we believe PDD’s total revenue in 3Q20E is likely to be in line with consensus at RMB12,338M (64.2% Y/Y growth). However, based on our data, we believe PDD’s sales & marketing expense is likely to be below the street expectation at RMB9.97B.