Top Tech: Bilibili, Pinduoduo Suffer Bigger Losses in Third Quarter

Bilibili Inc. and Pinduoduo Inc., two Chinese technology companies which went public in the U.S. this year, saw their losses widen in the third quarter as they struggled to shore up brand awareness and spent to increase their product portfolios.

Bilibili, a video site that focuses on anime, comics and games, saw its loss widen over fifteen times to 246.1 million yuan ($35.8 million), as it continued to spend on game and comic offerings.

Revenue jumped 48% to 1.1 billion yuan thanks to an increase in paying users. Its average monthly paying users reached 3.5 million in the three months ending September, soaring over 200% year-on-year due to the popularity of Bilibili’s livestreamed content.

Group-buying site Pinduoduo, meanwhile, reported its net loss widened five times to 1.1 billion yuan, as it spent on incentives to attract high-profile brands to its platform to fight off the company’s reputation for selling knockoffs.

It reported a surge of expenses in headcount, sales and marketing, as well as research and development in the three-month period. Revenue soared almost 700% to 3.4 billion yuan.

The following is an updated table of Chinese technology company earnings between July and September, starting with the most recent to report.

Contact reporter Tang Ziyi (ziyitang@caixin.com)