Temu-owner PDD spooked China's e-commerce giants last year with its low prices. Now the upstart has almost doubled its annual profits [Yahoo! Finance]
PDD Holdings Inc. - American Depositary Shares (PDD)
Company Research
Source: Yahoo! Finance
And the company's bumper earnings will give established players even more reason to sit up and take notice. PDD reported quarterly revenue that was more than double the same period the year before. Revenue for the quarter ending Dec. 31, 2023, reached 88.8 billion yuan ($12.3 billion), 123% more than the same quarter in 2022. It made a quarterly net profit of 22.4 billion yuan ($3.1 billion), up 146% from a year ago. The e-commerce platform did just as well on a full-year basis. Total revenue for 2023 increased to 247.6 billion yuan ($34.4 billion,) 90% higher than the previous year. Net income rose 93% to hit 58.7 billion yuan ($8.2 billion). In an earnings statement, Lei Chen, co-CEO of PDD Holdings, called 2023 a "pivotal chapter in our corporate history," as Pinduoduo withstood a sluggish Chinese economy to take a larger share of the country's e-commerce market, and as budget platform Temu's popularity surged in the U.S. Pinduoduo's cheaper products are winning over more v
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PDD
News
- China has a 'fake gold' problem — locals are getting scammed into buying artificial jewelry [MSNBC.com]MSNBC.com
- China has a ‘fake gold' problem — locals are getting scammed into buying artificial jewelry [CNBC]CNBC
- PDD Holdings Files Annual Report on Form 20-F for Fiscal Year 2023GlobeNewswire
- Alibaba: Let's Clear Up Some Misconceptions [Seeking Alpha]Seeking Alpha
- China’s Pinduoduo Has Reshaped Discount Shopping [The New York Times]The New York Times
PDD
Earnings
- 3/20/24 - Beat
PDD
Sec Filings
- 4/25/24 - Form 20-F
- 3/27/24 - Form 144
- 3/26/24 - Form 144
- PDD's page on the SEC website