- 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.
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
