On August 26th, PDD Holdings announced its 2024 Q2 financial report before the pre-market trading session on Monday. The data shows:

• Q2 revenue of 97.0595 billion yuan (RMB), an 86% increase compared to the same period last year of 52.281 billion yuan.

• Q2 net income was 32.0094 billion yuan, a year-on-year increase of 144%, compared to 13.108 billion yuan in the same period last year;

• Q2 adjusted net income of 34.4321 billion yuan, a 125% increase compared to the same period last year of 15.269 billion yuan.

• Q2 online marketing services and other income was 49.1159 billion yuan; trading service revenue was 47.9437 billion yuan;

• Adjusted earnings per ADS is 23.24 yuan;

In addition, as of June 30, 2024, pdd holdings' cash, cash equivalents, and short-term investments amounted to 284.9 billion yuan (39.2 billion US dollars), compared to 217.2 billion yuan as of December 31, 2023.

Colin Huang, the chairman and co-CEO of pdd holdings, stated that the competition in the e-commerce industry has intensified this year. The platform will invest billions of resources to support new high-quality merchants, reduce transaction fees by billions for high-quality merchants, continuously improve the quality and efficiency of the supply chain, and improve ecological governance to cope with the increasingly fierce industry competition.

Editor/Emily, Somer.