Summary by Moomoo AI
PDD Holdings Inc. (PDD), a multinational commerce group, reported a significant increase in its financial performance for the fourth quarter and fiscal year ended December 31, 2023. The unaudited financial results revealed that total revenues for the fourth quarter reached RMB88,881.0 million (US$12,518.6 million), marking a 123% increase from the same quarter in 2022. Operating profit for the quarter was RMB22,395.0 million (US$3,154.3 million), a 146% increase year-over-year. Net income attributable to ordinary shareholders was RMB23,280.3 million (US$3,279.0 million), up by 146% from the previous year. For the fiscal year 2023, total revenues were RMB247,639.2 million (US$34,879.3 million), a 90% increase from 2022, with net income attributable to ordinary shareholders at RMB60,026.5 million (US$8,454.6 million), up by 90%. The company's management attributes the growth to increased demand, enhanced consumer experiences, and continued investment in R&D, which exceeded RMB10 billion for the second consecutive year. PDD Holdings' cash and cash equivalents, along with short-term investments, stood at RMB217.2 billion (US$30.6 billion) as of December 31, 2023. The company held an earnings conference call on March 20, 2024, to discuss the results.