PDD Holdings Announces Third Quarter 2024 Unaudited Financial Results

Core Insights - PDD Holdings reported strong financial growth in Q3 2024, with total revenues reaching RMB 99,354.4 million (US$14,157.9 million), a 44$ 3,461.6 million), marking a 46% increase from RMB 16,656.0 million in the same quarter of 2023 [2][9] - Net income attributable to ordinary shareholders was RMB 24,980.7 million (US$3,559.7 million), reflecting a 61$ 14,157.9 million), up 44% from RMB 68,840.4 million in Q3 2023, driven by increases in online marketing and transaction services [2][5] - Revenues from online marketing services were RMB 49,351.0 million (US$7,032.5 million), a 24$ 7,125.4 million), a 72% increase from RMB 29,152.7 million in Q3 2023 [6][25] Cost and Expenses - Total costs of revenues increased to RMB 39,709.2 million (US$5,658.5 million), a 48$ 5,037.7 million), a 39% increase from RMB 25,354.1 million in Q3 2023, largely driven by increased sales and marketing expenses [7][8] - Sales and marketing expenses were RMB 30,483.8 million (US$4,343.9 million), up 40$ 3,814.8 million), a 48% increase from RMB 18,125.8 million in Q3 2023 [2][9] - Non-GAAP net income attributable to ordinary shareholders was RMB 27,458.7 million (US$3,912.8 million), also a 61$ 2.57), compared to RMB 11.38 in Q3 2023, while diluted earnings per ADS were RMB 16.91 (US$2.41), up from RMB 10.60 [11][24] Cash Flow and Balance Sheet - Net cash generated from operating activities was RMB 27,522.3 million (US$ 3,921.9 million), down from RMB 32,537.9 million in Q3 2023 [11] - As of September 30, 2024, cash, cash equivalents, and short-term investments totaled RMB 308.5 billion (US$44.0 billion), up from RMB 217.2 billion as of December 31, 2023 [12] - Total assets increased to RMB 466.8 billion (US$ 66.5 billion) as of September 30, 2024, compared to RMB 348.1 billion as of December 31, 2023 [21][22]