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Reading: PDD Rockets to New Heights with Stellar 2023 Performance
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e-Commerce

PDD Rockets to New Heights with Stellar 2023 Performance

Rary Maharani
Last updated: March 25, 2024 2:55 am
Rary Maharani
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2 Min Read
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  • PDD Holdings reports staggering 2023 results, with revenue doubling to $35 billion.
  • Temu’s global success fuels PDD’s meteoric rise, driving massive revenue and profit growth.
  • PDD invests heavily in R&D, continuing innovation, and exceptional customer value.

Contents
E-commerce titan prints moneyMoney rains, innovation reigns

E-commerce titan prints money

Chinese e-commerce heavyweight PDD Holdings reported staggering financial results for 2023. The company’s total revenue skyrocketed to a remarkable $35 billion, nearly doubling from the previous year.

This meteoric rise was fueled by the overwhelming success of Temu, PDD’s Ireland-based unit, reshaping global online shopping.

For the fourth quarter alone, PDD’s revenue soared to an eye-watering $13 billion, a jaw-dropping 123% increase compared to the same period in 2022.

Operating profit followed suit, surging 93% to $8 billion for the full year and an astonishing 146% to $3 billion in Q4. This profitability translated into a cash flow bonanza, generating a staggering $13 billion in net cash from operating activities – nearly twice the previous year’s figure.

Money rains, innovation reigns

Underscoring its commitment to innovation, PDD poured over $1.5 billion into research and development efforts throughout 2023.

The company vowed to maintain its “high-quality development strategy” while delivering exceptional value and service to customers worldwide.

To read the original article: https://www.techinasia.com/pdd-holdings-posts-2x-growth-2023-revenue-operating-profit

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