Q2 2024 PDD Holdings Inc Earnings Call Transcript
Key Points
- Total revenues reached RMB97 billion, representing an 86% year-on-year increase.
- Significant growth in revenues from transaction services, up 234% from the same quarter last year.
- Continued focus on high-quality development strategy, leading to improved consumer experience and services.
- Strong support for high-quality merchants, including significant transaction fee reductions.
- Investment in agricultural initiatives and digital capabilities to support small- and medium-sized businesses.
- Intensifying competition and uncertainties in the global environment are expected to impact profitability.
- Management anticipates a gradual downward trend in profitability due to increased investments.
- High revenue growth is not sustainable, with a noted slowdown in top-line growth.
- Increased operating expenses, up 48% year-over-year, driven by fulfillment and payment processing fees.
- Significant uncertainty in the global business due to external factors and intense competition.
Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings Inc., second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your host today. Sir, please go ahead.
Thank you, operator. Hello, everyone, and thank you for joining us today. PDD Holdings' earnings release was distributed earlier and is available on our website at investors.pddholdings.com, as well as through the GlobeNewswire services.
Before we begin, I would like to refer you to our Safe Harbor statement in earnings press release, which applies to this call, as we will make certain forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release which contains a reconciliation of non-GAAP measures to GAAP measures.
Joining us today on the call are Mr. Chen Lei, our Chairman and Co-Chief Executive Officer; Mr. Zhao Jiazhen, our
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
