Internet Giants in the First Half of the Year: Alibaba and Tencent Make the Most Profit, Pinduoduo Leads in Revenue Growth
Alibaba's net profit in the first half of the year reached nearly 55 billion yuan, and due to the low base caused by a loss in the first quarter of last year, its profit increased by an astonishing 2733.38% YoY! Following closely in terms of profitability is Tencent, with a net profit of 52 billion yuan in the first half of the year; Pinduoduo ranks third.
At the end of August, the interim performance of Hong Kong stocks came to a close. How did the major internet giants perform in the first half of the year?
According to the compilation by Southern Metropolis Daily, the performance of Alibaba, Tencent, Baidu, JD.com, Pinduoduo, Meituan, Kuaishou, Weibo, NetEase, Bilibili, and other ten listed internet companies mostly showed positive growth. Among them, JD.com had the highest revenue scale, reaching 530.8 billion yuan, and Pinduoduo led with a YoY growth rate of 62.79%.
Compared to revenue growth, the net profit growth of internet companies in the first half of the year was even more significant. Alibaba's net profit in the first half of the year increased by a staggering 2733% YoY, JD.com's net profit increased by 2468% YoY, Baidu's net profit increased by 300% YoY, Pinduoduo's net profit increased by 84% YoY, and Meituan, Kuaishou, and Weibo all turned losses into profits.
The following is an excerpt from the report by Southern Metropolis Daily:
Pinduoduo leads in revenue growth, Meituan and Kuaishou in the second tier
In terms of revenue scale, JD.com had the highest revenue in the first half of the year, reaching 530.8 billion yuan, followed by Alibaba with revenue of 442.356 billion yuan, and Tencent ranked third with revenue of 299.1 billion yuan.
In terms of growth rate, Pinduoduo led with a YoY growth rate of 62.79%, followed by Meituan with a growth rate of 30%, and Kuaishou ranked third with a growth rate of 23.9%. In addition, Baidu grew by 12.3% YoY, and Tencent's revenue increased by 11% YoY. Alibaba, JD.com, NetEase, and Bilibili had single-digit revenue growth rates.
Alibaba and Tencent are the most profitable, cost reduction strategy is the key to turning losses around
In terms of net profit, the profitability of internet companies in the first half of this year has generally improved. Alibaba is the most profitable, with a net profit of nearly 55 billion yuan in the first half of the year. It is worth noting that due to losses in the first quarter of 2022, Alibaba's total profit for the first half of 2022 was only 1.941 billion yuan, resulting in a staggering YoY growth rate of 2733.38%.
Following closely behind Alibaba in terms of profitability is Tencent, with a net profit of 52 billion yuan in the first half of the year. Pinduoduo ranks third with a net profit of 21.2 billion yuan. In addition, Meituan, Kuaishou, and Weibo turned losses into profits in the first half of the year, and Bilibili narrowed its losses.
