DUBLIN and SHANGHAI, Nov. 21, 2024 (GLOBE NEWSWIRE) — PDD Holdings Inc. (PDD Holdings or the Company) (NASDAQ: PDD), today announced its unaudited financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights
- Total (EPA:) revenues in the quarter were RMB99,354.4 million (US$1 14,157.9 million), an increase of 44% from RMB68,840.4 million in the same quarter of 2023.
- Operating profit in the quarter was RMB24,292.5 million (US$3,461.6 million), an increase of 46% from RMB16,656.0 million in the same quarter of 2023. Non-GAAP2 operating profit in the quarter was RMB26,770.5 million (US$3,814.8 million), an increase of 48% from RMB18,125.8 million in the same quarter of 2023.
- Net income attributable to ordinary shareholders in the quarter was RMB24,980.7 million (US$3,559.7 million), an increase of 61% from RMB15,537.1 million in the same quarter of 2023. Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB27,458.7 million (US$3,912.8 million), an increase of 61% from RMB17,027.1 million in the same quarter of 2023.
Over the past quarter, our focus remained on driving the high-quality development of the platforms, said Mr. Lei Chen, Chairman and Co-Chief Executive Officer of PDD Holdings. We are committed to investing consistently and patiently in our platform ecosystem to deliver impactful results over the long run.
In the third quarter, we stepped up the investments in our platform ecosystem through merchant support policies and trust and safety updates, said Mr. Jiazhen Zhao, Executive Director and Co-Chief Executive Officer of PDD Holdings. High-quality merchants are encouraged to further strengthen their product and service offerings, thereby fostering a virtuous cycle.
Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges, said Ms. Jun Liu, VP of Finance of PDD Holdings. In our pursuit of high-quality development, we will continue to invest resolutely in building a healthy and sustainable ecosystem, which will be reflected in our results.
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1 This announcement contains translations of certain (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.0176 to US$1.00, the noon buying rate in effect on September 30, 2024 as set forth in the H.10 Statistical Release of the Federal Reserve Board.
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