PDD Holdings Inc. (NASDAQ:PDD) Q2 2023 Earnings Call Transcript August 29, 2023 7:30 AM ET

Company Participants

Lei Chen - Chairman and Co-Chief Executive Officer

Jiazhen Zhao - Executive Director and Co-Chief Executive Officer

Jun Liu - VP of Finance

Conference Call Participants

Joyce Ju - Bank of America

Yang Bai - CICC

Ellie Jiang - Macquarie

Operator

Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings, Inc. Second Quarter 2023 Earnings Conference Call. [Operator Instructions]. I must advise you that this conference is being recorded today.

I would now like to hand the conference over to your host today, Mr. Chen Peng. Sir, please go ahead.

Unidentified Company Representative

Thank you, operator. Hello, everyone, and thank you for joining us today. My name is Chen, and I will help host the earnings call. PDD Holdings' earnings release was distributed earlier and is available on our website at investor.pddholdings.com as well as through GlobeNewswire services.

Before we begin, I would like to refer you to our safe harbor statement in earnings press release, which applies to this call as we will make certain forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures.

Joining us today on the call are Cen Lei, our Chairman and Co-Chief Executive Officer; Zhao Jiazhen, our Executive Director and Co-Chief Executive Officer; Liu Jun, our VP of Finance. Lei and Jiazhen will make some general remarks on our performance for the past quarter and our strategic focus. Jun will then walk us through our financial results for the second quarter ended June 30, 2023.

During the Q&A session, Lei and Jiazhen will answer questions in Chinese, and we will help translate. Please kindly note that all transformations provided are for reference purpose only. In case of any discrepancy between the original remarks and the translate version, statements in the regional language should prevail.

Now it's my pleasure to introduce our Chairman and Co-Chief Executive Officer, Chen Lei. Lei, please go ahead.

Lei Chen

Hello, everyone. Thank you for joining our earnings call for the second quarter of 2023. I will start by giving a brief overview of our second quarter results. We achieved a total of RMB52.3 billion in revenue this quarter, representing a 66% year-on-year increase. This reflects the growing trust that consumers place in our products and services. During the past quarter, we observed a continued improvement in consumer sentiment, resulting in increasing consumer demand across multiple product categories.