PDD Holdings Inc. (NASDAQ:PDD) Q3 2023 Earnings Call Transcript

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PDD Holdings Inc. (NASDAQ:PDD) Q3 2023 Earnings Call Transcript November 28, 2023

PDD Holdings Inc. beats earnings expectations. Reported EPS is $1.55, expectations were $1.23.

Operator: Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings, Inc. Third Quarter 2023 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. Please go ahead.

Unidentified Company Representative: 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 investor.pddholdings.com as well as through news -- 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. Cen Lei, our Chairman and Co-CEO; Mr. Zhao Jiazhen, our Executive Director and Co-CEO; as well as Miss Liu Jun, our VP of Finance.

Lei and Jiazhen will make some general remarks on our performance for the past quarter and our strategic focus. Jun will then walk us through our financial results for the third quarter ended September 30, 2023. During the Q&A session, Lei and Jiazhen will answer questions in Chinese, and we will help translate. Please note that the English translation is for reference only. In case of any discrepancy managements statements in the original remarks should prevail. Now it's my pleasure to introduce our Chairman and Co-Chief Executive Officer, Chen Lei. Lei, please go ahead.

Lei Chen: Hello everyone. Thank you for joining in our earnings call for the third quarter of 2023. I will start by giving a brief overview of our third quarter results. In Q3, we achieved a total revenue of RMB68.8 billion, representing a 94% year-on-year increase. This is a result of the improving consumer sentiment in our efforts to carrying out the high quality development strategy. As one of the largest e-commerce platforms in China, we clearly felt a continuous recovery of the economy as well as the potential and the resilience of a consumption market. With the introduction of a series of policies to support consumption, we are also seeing robust demand for consumption upgrades. Consumer behavior is telling us that consumption upgrade is not just about quality, but equally about price.