Online discounter PDD reports 123% revenue growth in Q4

Chinese online discounter PDD Holdings Inc said on Wednesday night its revenue jumped a whopping 123 percent year-on-year to 88.9 billion yuan ($12.3 billion) during the October-December period, as it continued to attract price-conscious customers in China. 

Meanwhile, its cross-border e-commerce site Temu has witnessed rapid growth among overseas shoppers.

PDD's net income attributable to ordinary shareholders rose to 23.3 billion yuan in the fourth quarter, an increase of 146 percent year-on-year. 

"In the fourth quarter, we saw growing demand driven by encouraging consumer sentiment," said Zhao Jiazhen, executive director and co-chief executive officer of PDD. 

"We will continue our high-quality development strategy, stay dedicated to offering great value and exceptional service, and keep building thriving communities that can benefit all," Zhao added.

The company's total revenue reached 247.6 billion yuan in 2023, up 90 percent year-on-year, while its net profit rose 90 percent on a yearly basis to 60 billion yuan. 

Launched in the US in September 2022, Temu offers discounted products shipped directly from China and is now present in more than 50 countries in North America, Europe, Asia and Oceania.

PDD's speedy growth has outstripped that of competitors such as Alibaba Group and JD in the fourth quarter. Alibaba reported 5 percent year-on-year revenue growth to reach 260.35 billion yuan during the quarter, while the revenue of JD increased 3.6 percent from a year ago. 

PDD once overtook Alibaba last December to become the most valuable Chinese e-commerce company by market capitalization.

fanfeifei@chinadaily.com.cn