- Pinduoduo’s Q1 revenue soared 131% to $12B on marketing, transactions.
- Operating profit jumped 275% as cash reserves topped $33.5B.
- Leadership eyes long-term value creation.
PDD Holdings, the ecommerce powerhouse behind Pinduoduo, reported a staggering 131% year-on-year revenue jump in the first quarter of 2024, reaching a whopping US$12 billion.
Increases in online marketing services and transaction services fueled this stellar performance.
Raking in the dough, ecommerce style
The company’s operating profit soared to an impressive US$3.6 billion, marking a remarkable 275% surge compared to the same period in 2023.
Pinduoduo’s non-GAAP operating profit followed a similar trajectory, reflecting the company’s robust financial standing.
As of March 31, 2024, Pinduoduo boasted a strong cash position, with cash, cash equivalents, and short-term investments amounting to US$33.5 billion, providing a solid cushion for future investments and initiatives.
Mint-ing condition for long-term growth
While celebrating the impressive results, PDD Holdings’ leadership emphasized a long-term vision.
Chairman and co-CEO Lei Chen affirmed the company’s commitment to “growing long-term intrinsic value through investing in initiatives that bring sustainable impacts to our communities.”
VP of Finance Jun Liu echoed this sentiment, stating, “Rather than focusing on short-term results, we prioritize long-term value creation and remain committed to further deepening our investments in the future.”
To read the original article: https://www.techinasia.com/pinduoduo-doubles-revenue-grows-operating-profits-275-q1
