$PDD Holdings Q3 Earnings Highlights:

🔹 Non-GAAP Diluted EPS: ¥18.59 (Est. ¥19.58) 🔴
🔹 Revenue: ¥99.35B (Est. ¥102.83B) 🔴; UP +44% YoY
🔹 Non-GAAP Oper. Margin: 26.9% (Est. 27.4%) 🔴
🔹 Adj net income ¥27.46B, (EST ¥29.21B) 🔴

Revenue Breakdown:
🔸 Transaction Services: ¥50.0B (Est. ¥53B) 😕; UP +72% YoY
🔸 Online Marketing Services & Others: ¥49.35B (Est. ¥49.06B) 😑; UP +24% YoY

Expenses:
🔹 Cost of Revenue: ¥39.71B; UP +48% YoY
🔹 Sales & Marketing Expenses: ¥30.48B; UP +40% YoY
🔹 R&D Expenses: ¥3.06B (Est. ¥3.56B) 😕; UP +8% YoY
🔹 G&A Expenses: ¥1.81B; UP +138% YoY

Operational Highlights:
🔸 Increased platform investments through merchant support policies and trust & safety updates.
🔸 Focused on fostering a sustainable ecosystem and improving high-quality merchant offerings.

CEO Commentary:
🔸 "We continue to invest consistently in our platform ecosystem while facing intensified competition and external challenges. These efforts aim to build a sustainable and healthy ecosystem, driving long-term impactful results."