PDD Holdings Inc. reports strong financial results for Q1 2024, with revenue and profit increases.
From GlobeNewswire: 2024-05-22 06:30:00
PDD Holdings Inc. reported strong financial results for the first quarter of 2024, with total revenues reaching RMB86,812.1 million, an increase of 131% from the same quarter in 2023. Operating profit also saw a significant increase, totaling RMB25,973.7 million. The company’s focus remains on providing a reliable shopping environment while investing in long-term value.
Revenue growth was driven by online marketing services and transaction services, which increased by 56% and 327% respectively compared to the same quarter last year. The company reported total costs of revenues at RMB32,694.7 million, representing a 194% increase, mainly due to higher fulfillment and payment processing fees. Operating expenses saw a 44% increase, with a focus on sales and marketing, reflecting increased spending in promotion and advertising activities.
The Company’s non-GAAP financial measures, such as non-GAAP operating profit and non-GAAP net income, exclude certain expenses to provide a clearer view of operating performance. These measures are used to evaluate trends and formulate business plans. The Company believes these non-GAAP financial measures help identify underlying business trends and enhance overall understanding of past performance and future prospects. The Company encourages a review of its financial information in its entirety.
The Company urges caution regarding forward-looking statements included in the announcement, made under the U.S. Private Securities Litigation Reform Act of 1995. These statements reflect the Company’s beliefs and intentions but may involve uncertainties that could impact actual results. Forward-looking statements can be found in the business outlook, strategic plans, and statements by company management. It is recommended to consider all available financial information and not rely solely on forward-looking statements.
Read more at GlobeNewswire:: PDD Holdings Announces First Quarter 2024 Unaudited