Could PDD (Pinduoduo) Become the Next Amazon?
PDD (NASDAQ: PDD), more commonly known as Pinduoduo, is China's third largest e-commerce company by annual revenue after Alibaba (NYSE: BABA) and JD.com (NASDAQ: JD). However, it's still growing faster than both those market leaders.
PDD was founded just nine years ago, but it carved out a niche with its discount marketplace before expanding into the online agricultural space. From 2018 to 2022, its annual revenue grew at a stunning compound annual growth rate (CAGR) of 78%, and analysts expect 81% growth in 2023. PDD also turned profitable on a generally accepted accounting principles (GAAP) basis in 2021, and its net profit nearly quadrupled in 2022. Analysts expect its earnings to rise another 49% in 2023.
Image source: Getty Images.
Source Fool.com
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