---
title: "PDD Holdings Delivers a Mixed Q4 Report"
description: "PDD Holdings reported its Q4 2024 results, with non-GAAP EPS of $2.76, slightly above estimates, but revenue of $15.15 billion fell short of expectations by 2.5%. The company experienced a 24.3% year-"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/232645398.md"
published_at: "2025-03-20T22:47:11.000Z"
---

# PDD Holdings Delivers a Mixed Q4 Report

> PDD Holdings reported its Q4 2024 results, with non-GAAP EPS of $2.76, slightly above estimates, but revenue of $15.15 billion fell short of expectations by 2.5%. The company experienced a 24.3% year-over-year revenue increase, driven by strong transaction service growth. However, operating costs rose significantly, impacting margins. PDD is focusing on international expansion and enhancing its platform ecosystem to adapt to competitive pressures and changing consumer behavior.

**PDD Holdings** (PDD 3.98%), a notable operator in global e-commerce, unveiled its financial results for the fourth quarter of 2024 on March 20. The company reported non-GAAP earnings per share (EPS) of $2.76, slightly exceeding the analyst estimate of $2.74. However, revenue of $15.15 billion missed the consensus estimate by 2.5% amid competitive market pressures.

Metric

Q4 2024

Q4 2024 Analysts' Estimate

Q4 2023

% Change

Non-GAAP EPS (diluted)

$2.76

$2.74

$2.54

8.7%

Revenue

$15.15 billion

$15.55 billion

$12.18 billion

24.3%

Non-GAAP net income

$4.09 billion

N/A

$3.49 billion

17.1%

Operating margin

24.5%

N/A

24.1%

40 basis points

Source: Analysts' estimates for the quarter provided by FactSet.

## Understanding PDD Holdings

PDD Holdings is a dynamic force in the e-commerce industry, particularly in China, managing platforms like Pinduoduo and Temu. These platforms cater to various consumer needs, offering anything from agricultural produce to electronics. The company remains focused on diversifying its online marketplaces and integrating itself further into the digital economy as part of its long-term growth strategy.

Its business strategy has centered on sustaining growth through innovation and platform diversity. Key to this has been a commitment to evolving its platform ecosystem and capturing the shifting dynamics within digital commerce. Recent expansions have been bolstered by the strategic relocation of its headquarters in 2023 from Shanghai to Dublin, Ireland, a move that aligns with its global market ambitions and regulatory compliance standards.

## Q4 2024 Achievements and Developments

During the fourth quarter, PDD Holdings showcased notable achievements, with revenues rising 24.3% year over year to $15.15 billion, despite missing analysts' estimate of $15.55 billion. Online marketing services and transaction services were key contributors, generating significant revenue growth. Transaction service revenues alone surged by 33% year over year to $7.34 billion, illustrating the increased transaction activity on PDD's core platforms.

However, operating costs rose by 36% to $6.55 billion, driven by fulfillment and processing expenses. Despite these higher costs, operating income expanded by 14% to $3.51 billion, displaying solid cost-control mechanisms in the context of its platform investments and growth endeavors.

The quarter's results also reflected management's strategic moves within its ecosystems, such as initiatives focused on enhancing platform functionality and continued investments in supply chain and digital innovations. Its strategic efforts aim to build consumer engagement and leverage digital transformations to drive sustained growth.

Material concerns included increased competition and the potential for moderation in spending that may continue under macroeconomic pressures. Yet revenue from PDD's marketing services and platform innovations will play a crucial role in cushioning against these challenges.

Furthermore, the company adjusted to geopolitical movements by strengthening its market presence internationally.

## Looking Forward

The outlook from PDD Holdings' management indicates an emphasis on international expansion. Plans involve enhancing the platform ecosystem by leveraging digital commerce trends to meet growing global demand. Changes in consumer behavior and competitive pressures will be pivotal areas of focus as the company looks to adapt and excel in these markets.

### Related Stocks

- [PDD.US - PDD](https://longbridge.com/en/quote/PDD.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.