PDD caps ‘pivotal’ 2023 with 93% jump in annual profit

News Snapshot:

PDD Holdings, the Chinese e-commerce operator behind Pinduoduo and Temu, has rocked both the Chinese and U.S e-commerce sectors. And the company’s bumper earnings will give established players even more reason to sit up and take notice. PDD reported quarterly revenue that was more than double the same period the year before. Revenue for the quarter ending Dec. 31, 2023, reached 88.8 billion yuan ($12.3 billion), 123% more than the same quarter in 2022. It made a quarterly net profit of 22.4 billion yuan ($3.1 billion), up 146% from a year ago. The e-commerce platform did just as well on...