Pre-market once plummeted nearly 16%! PDD: Revenue growth has further slowed down on a quarter-on-quarter basis
PDD Vice President: Revenue growth further slowed quarter-on-quarter amid intensified competition and ongoing external challenges
PDD's revenue for the third quarter was RMB 99.35 billion, while market expectations were RMB 102.83 billion. PDD's stock fell nearly 16% in pre-market trading:
PDD's third quarter 2024 performance overview:
Total revenue for the quarter was RMB 99,354.4 million (approximately USD 11,415.79 million), an increase of 44% compared to RMB 68,840.4 million in the same quarter of 2023.
Operating profit for the quarter was RMB 24,292.5 million (approximately USD 3,461.6 million), an increase of 46% compared to RMB 16,656.0 million in the same quarter of 2023. Non-GAAP operating profit was RMB 26,770.5 million (approximately USD 3,814.8 million), an increase of 48% compared to RMB 18,125.8 million in the same quarter of 2023.
Net profit attributable to ordinary shareholders for the quarter was RMB 24,980.7 million (approximately USD 3,559.7 million), an increase of 61% compared to RMB 15,537.1 million in the same quarter of 2023. Non-GAAP net profit attributable to ordinary shareholders was RMB 27,458.7 million (approximately USD 3,912.8 million), an increase of 61% compared to RMB 17,027.1 million in the same quarter of 2023.
"In the past quarter, our focus has remained on driving high-quality development of the platform," said Chen Lei, Chairman and Co-CEO of PDD Holdings. "We are committed to continuously and patiently investing in our platform ecosystem to achieve significant long-term results."
"In the third quarter, we increased our investment in the platform ecosystem through merchant support policies and trust and safety updates," said Zhao Jiajun, Executive Director and Co-CEO of PDD Holdings. "High-quality merchants are encouraged to further enhance their products and services, thereby promoting a virtuous cycle."
"Our revenue growth has further slowed quarter-on-quarter amid intensified competition and ongoing external challenges," said Liu Jun, Vice President of Finance at PDD Holdings. "In pursuing high-quality development, we will continue to steadfastly invest in building a healthy and sustainable ecosystem, which will be reflected in our performance."
