Summary by Moomoo AI
PDD Holdings, the multinational commerce group operating Pinduoduo and Temu platforms, reported significant financial growth for the year ended December 31, 2023. Total revenues surged by 89.7% to RMB 247.6 billion (USD 34.9 billion), driven by increases in both online marketing services and transaction services. Online marketing services revenue rose to RMB 153.5 billion (USD 21.6 billion), while transaction services jumped to RMB 94.1 billion (USD 13.3 billion). The company's net income also saw a substantial rise, reaching RMB 60.0 billion (USD 8.5 billion), compared to RMB 31.5 billion in the previous year. This growth is attributed to enhanced buyer and merchant engagement on PDD Holdings' platforms, expansion of value-added services, and effective cost management leveraging the company's scale of business. Despite the positive financial performance, PDD Holdings continues...Show More