Summary by Futu AI
PDD Holdings reported strong Q3 2024 financial results with total revenues reaching RMB99.4 billion, up 44% YoY. Operating profit increased 46% to RMB24.3 billion, while net income rose 61% to RMB25 billion. The growth was primarily driven by online marketing services and transaction services revenues, which grew 24% and 72% respectively.The company's operating expenses rose 39% to RMB35.4 billion, mainly due to increased sales and marketing investments. Sales and marketing expenses increased 40% to RMB30.5 billion, while general and administrative expenses more than doubled to RMB1.8 billion. The company maintained a strong financial position with cash, cash equivalents and short-term investments of RMB308.5 billion.Management emphasized their focus on driving high-quality platform development through increased investments in merchant support and trust and safety updates. They acknowledged moderating topline growth amid intensified competition and external challenges but remained committed to long-term ecosystem building.
