PDD Holdings reports significant revenue growth and commitment to high-quality development
From GlobeNewswire: 2024-08-26 06:30:00
PDD Holdings Inc. announced its second quarter financial results, reporting total revenues of RMB97,059.5 million (US$113,355.8 million), a significant increase of 86% from the same period in 2023. Operating profit and net income both saw substantial growth as well. The company’s leadership expressed a commitment to transitioning towards high-quality development and fostering a sustainable ecosystem.
In the second quarter of 2024, PDD Holdings reported an increase in total revenues, primarily driven by growth in online marketing services and transaction services. Revenues from online marketing services were RMB49,115.9 million (US$6,758.6 million), while transaction services brought in RMB47,943.7 million (US$6,597.3 million). Operating expenses saw an increase, particularly in sales and marketing expenses, reflecting increased spending in promotions and advertising activities.
The Company’s non-GAAP financial measures, such as non-GAAP operating profit and non-GAAP net income attributable to ordinary shareholders, provide additional insight into operating performance. These measures exclude share-based compensation expenses, fair value changes of certain investments, and interest expenses related to convertible bonds’ amortization. PDD Holdings presented these non-GAAP measures to help evaluate trends and enhance understanding of past performance and future prospects.
Investors and analysts can access further details on PDD Holdings’ financial results by joining the earnings conference call scheduled for August 26, 2024. The Company’s management will discuss the results and address questions during the call, providing valuable insights into the performance and future direction of the business. For those unable to attend the live webcast, a replay will be available on the Company’s website following the conclusion of the call.
Read more at GlobeNewswire:: PDD Holdings Announces Second Quarter 2024 Unaudited