Continuing to admire, the strength is limitless. Earned 30.6 billion in a single quarter, 25.4 billion in the previous quarter, and 17 billion before that.
This indicates that expanding overseas did not cost a lot of money. Or in other words, overseas operations could be profitable at any time.
Let's review the comments from the previous Q.
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This time, the market had high expectations, as can be seen from the stock performance over the past 2-3 years. It seems that a foreign bank gave an expectation of 16 billion net income for Q4 (temu had a loss of 10 billion). I personally think that achieving around 18 billion (nongaap) would be very impressive, considering the overseas expansion.
In reality, PDD achieved a nongaap net income of 25.47646 billion, which is 9.4 billion higher than the brokerage's expectation and 7.5 billion higher than my own expectation of 18 billion. In terms of revenue, PDD achieved 88.881 billion, with a YoY growth of 123.53%, which is much higher than the brokerage's estimate of 100% and also higher than the 94.2% growth rate in 2023Q3.
Considering that 2022Q4 had a low base (due to the pandemic), the two-year revenue CAGR also reached 80.94%, higher than the 79.26% from the previous Q and even higher than the 57.46% before that.
So, it has to be said, this is an impressive financial report.
Author: Mamba Investment
Link: 【PDD Holdings 2023Q4 Financial Report Review】
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