(Yicai Global) May 30 -- Pinduoduo’s shares soared in New York after China’s leading community-buying platform logged its first ever profit for a first quarter.

Pinduoduo [NASDAQ: PDD] closed 15.2 percent up at USD48.30 on May 27, giving the Shanghai-based company a market capitalization of USD61 billion.

Net profit was CNY2.6 billion (USD410.1 million) in the three months ended March 31, versus a net loss of CNY2.9 billion a year earlier, Pinduoduo’s earnings report showed on May 27. Revenue rose 7 percent to CNY23.8 billion (USD3.8 billion), mainly due to higher income from online marketing and transaction services.

“We remain focused on making long-term investments in agriculture and abide by our philosophy of ‘benefit all’, ‘people first’, and ‘more open,’” said Lei Chen, chairman and chief executive officer of Pinduoduo.

The cost of revenue fell 33 percent to CNY7.2 million as increased fulfillment fees partially offset lower merchandise sales. Operating expenses fell 7 percent to CNY14.5 million (USD2.3 million).

Sales and marketing expenses dropped 14 percent to CNY11.2 billion, mainly because of controlled spending on promotions and advertising activities.

The average number of monthly active users rose 4 percent to 751.3 million, with active buyers in the 12 months ended March 31 up 7 percent to 881.9 million, the company said.

“At this current scale, it is inevitable for us to see slower growth,” said Liu Jun, Pinduoduo’s vice president of finance. “We need to continue to invest in research and development to serve our users better.”

R&D expenses surged 20 percent to CNY2.7 billion, primarily buoyed by an increase in headcount and the recruitment of more experienced R&D personnel.

The company did not provide the guidance for the current quarter.

Editor: Futura Costaglione