PDD Holdings Inc. (PDD), a multinational commerce group, reported its unaudited financial results for the second quarter ended June 30, 2024. The company saw a significant increase in total revenues, which reached RMB97,059.5 million (US$13,355.8 million), marking an 86% rise from the same quarter in 2023. This growth was primarily attributed to increases in online marketing services and transaction services. Operating profit for the quarter was RMB32,564.5 million (US$4,481.0 million), a 156% increase from the previous year, while net income attributable to ordinary shareholders was RMB32,009.4 million (US$4,404.6 million), up by 144%. Non-GAAP operating profit and net income also saw substantial increases. The company's cash and cash equivalents, along with short-term investments, totaled RMB284.9 billion (US$39.2 billion) as of June 30, 2024. Despite the strong financial performance, PDD Holdings...Show More

PDD Holdings Inc. (PDD), a multinational commerce group, reported its unaudited financial results for the second quarter ended June 30, 2024. The company saw a significant increase in total revenues, which reached RMB97,059.5 million (US$13,355.8 million), marking an 86% rise from the same quarter in 2023. This growth was primarily attributed to increases in online marketing services and transaction services. Operating profit for the quarter was RMB32,564.5 million (US$4,481.0 million), a 156% increase from the previous year, while net income attributable to ordinary shareholders was RMB32,009.4 million (US$4,404.6 million), up by 144%. Non-GAAP operating profit and net income also saw substantial increases. The company's cash and cash equivalents, along with short-term investments, totaled RMB284.9 billion (US$39.2 billion) as of June 30, 2024. Despite the strong financial performance, PDD Holdings' management acknowledged challenges ahead, including intensified competition and external pressures that may affect revenue growth and profitability. The company remains committed to investing in the platform's trust and safety, supporting high-quality merchants, and improving the merchant ecosystem, even at the cost of short-term profitability. The earnings conference call was held on August 26, 2024.