TapTechNews May 22nd news, Pinduoduo released its first quarter 2024 financial report. Pinduoduo's first quarter revenue was 86.81 billion Chinese yuan, estimated at 76.86 billion Chinese yuan, with a year-on-year increase of 131%; the net profit attributable to ordinary shareholders of Pinduoduo was 27.9978 billion, with a year-on-year increase of 246%; without applying US Generally Accepted Accounting Principles, the net profit attributable to ordinary shareholders of Pinduoduo was 30.6018 billion, with a year-on-year increase of 202%.
In the first quarter, Pinduoduo's revenue from online marketing services and other services was 42.4562 billion, which increased by 56% compared to 27.2444 billion in the same period in 2023. The revenue from transaction services was 44.3558 billion, which increased by 327% compared to 103.926 billion in the same period in 2023.
TapTechNews noted that Pinduoduo's R & D expense in the first quarter was 2.9 billion, with a year-on-year increase of 16%.
The company is still in the growth stage and will continue to further increase investment this year to deepen the high-quality development strategy. Zhao Jiazhen, Executive Director and Co-Chief Executive Officer of Pinduoduo Group, said, Our high-quality development is a long-term, huge and complex systematic project. We will gather the strength of all parties, steadily promote and pay close attention to implementation to accelerate the realization of the goals and tasks of this new development stage. High-quality development is our long-term strategy and will continue to exert efforts in three aspects: the consumer side, the supply side, compliance and the platform ecosystem. While rewarding consumers generously, we will also ensure high-quality supply and services.