On May 22, Pinduoduo announced the 2024 Q1 financial report before the US stock market. The data showed:

• Q1 revenue was 86.81 billion yuan (RMB, same below), up 131% year over year, to 37.637.1 billion yuan in the same period last year;

• Q1 net profit of 27.998 billion yuan, up 246% year-on-year, to 8.101 billion yuan in the same period last year;

• The adjusted net profit for Q1 was RMB 30.602 billion, up 202% year on year, compared to RMB 10.126.4 billion in the same period last year;

• Q1 Online marketing services and other revenue was $42,456 billion; revenue from transactional services was $44.356 billion.

• The adjusted revenue per ADS was $20.72.

Pinduoduo Group said that the revenue growth in the first quarter mainly benefited from GDP growth returning to 5% or more in the first quarter, seasonal factors such as Spring Festival consumption, and favorable policies such as trade-in. At the same time, it was also the result of the platform's ability to promote “multiple benefits” and “good service.”

Zhao Jiazhen, executive director and co-CEO of Pinduoduo Group, said, “High-quality development is our long-term strategy. We will continue to make efforts in the three areas of consumer side, supply side, compliance and platform ecology to ensure high-quality supply and services while vigorously giving back to consumers.

Original announcement: Pinduoduo 2024Q1 results

Also, Futu's senior strategist will be brought in at 18:00 on May 24 (Friday)“Pinduoduo's financial report analysis, is social e-commerce Temu still growing? 》Live broadcast, welcome to join the livestream~

edit/emily