PDD Holdings Inc. (NASDAQ:PDD) Q4 2023 Earnings Conference Call March 20, 2024 7:30 AM ET

Company Participants

Lei Chen - Chairman & Co-Chief Executive Officer
Jiazhen Zhao - Executive Director & Co-Chief Executive Officer
Jun Liu - Vice President of Finance

Conference Call Participants

Joyce Ju - Bank of America
Kenneth Fong - UBS
Thomas Chong - Jefferies

Operator

Ladies and gentlemen, thank you for standing by and welcome to PDD Holdings, Inc. Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

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

Unidentified Company Representative

Thank you, operator. Hello, everyone and thank you for joining us today. PDD Holdings earnings release was distributed earlier, available on our website at investor.pddholdings.com as well as through the GlobeNewswire services.

Before we begin, we would like to refer you to our safe harbor statement in the earnings press release which applies to this call as well. 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 Mr. Chen Lei, our Chairman and Chief Executive Officer; Mr. Zhao Jiazhen, our Executive Director and Co-Chief Executive Officer; as well as Ms. 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 fourth quarter and fiscal year ended December 31, 2023. During the Q&A session, Lei and Jiazhen will answer questions in Chinese and will help translate. Please kindly note that English translation is for reference only. In case of a discrepancy, statements in the original 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 fourth quarter and fiscal year of 2023. 2023 was an important year for PDD Holding. We began a journey dedicated to high-quality development aligned with our strategy, we rolled out a series of initiatives to empower businesses and enhance consumer value. This effort has resonated well with our users and merchants burning their positive feedback [ph]. Driven by a rebounding consumer market, our total revenue in the fourth quarter was RMB88.9 billion which represents 123% year-on-year increase. GAAP net income for this quarter was RMB23.3 billion.