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PDD Holdings shows increase in revenue and growth

By Fan Feifei | | Updated: 2023-11-29 13:51
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A consumer walks past an advertisement of e-commerce platform Pinduoduo at a shopping mall in Shanghai. [Photo provided to China Daily]

Chinese online discounter PDD Holdings Inc said revenue jumped 93.9 percent year-on-year to 68.84 billion yuan ($9.7 billion) during the July-September period, as the company continued to attract price-conscious customers in China. Also, its cross-border e-commerce site Temu witnessed rapid growth.

PDD's net income attributable to ordinary shareholders rose to 15.54 billion yuan in the third quarter, an increase of 47 percent year-on-year. "Throughout the past third quarter, consumption vitality kept improving. We continued to provide consumers with more savings and better service through increased investments," said Zhao Jiazhen, executive director and co-chief executive officer of PDD.

Temu, first launched in the United States in September last year, has gained popularity among consumers. So far, it has entered more than 40 countries in North America, Europe and Asia, as well as Australia and New Zealand, according to PDD.

Chen Lei, chairman and co-CEO of PDD, said the company hopes to leverage the supply chain foundation it has built over the years to provide a more flexible, personalized and cost-effective shopping experience for consumers worldwide

Seeing PDD's exceptional financial performance, Jack Ma, co-founder of Chinese tech heavyweight Alibaba Group Holding Ltd, said in an internal network of the company that he believes Alibaba will make innovations in response.

Ma congratulated PDD's efforts over the past few years, saying the era of artificial intelligence-powered e-commerce has just begun, which offers both an opportunity and a challenge for everyone.

He also encouraged Alibaba's employees to give the company more constructive suggestions, especially innovative ideas.

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