PDD Holdings Inc. (PDD), a multinational commerce group, reported a substantial increase in its financial performance for the first quarter of 2024. The unaudited financial results, announced on May 22, 2024, showed total revenues of RMB 86.8 billion (US$ 12.0 billion), a 131% increase from the same quarter in 2023. Operating profit surged by 275% to RMB 26.0 billion (US$ 3.6 billion), while net income attributable to ordinary shareholders rose by 246% to RMB 28.0 billion (US$ 3.9 billion). Non-GAAP measures also reflected significant growth, with non-GAAP operating profit and net income increasing by 237% and 202%, respectively. The earnings per ADS (American Depositary Share) increased to RMB 20.33 (US$ 2.82) on a basic level and RMB 18.96 (US$ 2.63) on a diluted level. The company attributed the revenue growth primarily to increases in online marketing services...Show More

PDD Holdings Inc. (PDD), a multinational commerce group, reported a substantial increase in its financial performance for the first quarter of 2024. The unaudited financial results, announced on May 22, 2024, showed total revenues of RMB 86.8 billion (US$ 12.0 billion), a 131% increase from the same quarter in 2023. Operating profit surged by 275% to RMB 26.0 billion (US$ 3.6 billion), while net income attributable to ordinary shareholders rose by 246% to RMB 28.0 billion (US$ 3.9 billion). Non-GAAP measures also reflected significant growth, with non-GAAP operating profit and net income increasing by 237% and 202%, respectively. The earnings per ADS (American Depositary Share) increased to RMB 20.33 (US$ 2.82) on a basic level and RMB 18.96 (US$ 2.63) on a diluted level. The company attributed the revenue growth primarily to increases in online marketing services and transaction services. PDD Holdings emphasized its commitment to long-term value creation over short-term results, focusing on initiatives that bring sustainable impacts to communities and improving the overall consumer experience. The company's cash and cash equivalents, along with short-term investments, stood at RMB 242.1 billion (US$ 33.5 billion) as of March 31, 2024. A conference call to discuss the earnings was scheduled for the same day as the announcement.