PDD Holdings Q3 2025 Revenue Increases by 9%, Exceeding Analyst Estimates

PDD Holdings (PDD.US) announced its third-quarter 2025 unaudited financial results, with total revenues reaching US$15,209.5 million, marking a 9% increase compared to the same period in 2024. Non-GAAP net income attributable to ordinary shareholders rose to US$4,408.2 million, up 14% year-over-year. The company's revenue performance surpassed the analyst estimate of US$17,516.5 million for the quarter.

Revenue Growth Driven by Online Marketing and Transaction Services

The increase in total revenues was primarily driven by growth in both online marketing services and transaction services. Revenues from online marketing services and others increased by 8% to US$7,493.7 million from US$6,932.7 million in the third quarter of 2024.

Similarly, revenues from transaction services saw a 10% increase, reaching US$7,715.8 million compared to US$7,023.9 million in the prior year's quarter. This dual growth across key service areas underscores the continued expansion of the company's e-commerce platform.

Management's Long-Term Focus Amidst Competition

Mr. Lei Chen, Chairman and Co-Chief Executive Officer of PDD Holdings, emphasized the company's commitment to its founding vision of benefiting all stakeholders, looking ahead to greater social responsibility as it grows. Mr. Jiazhen Zhao, Executive Director and Co-Chief Executive Officer, highlighted a steadfast, long-term focus in an increasingly competitive environment.

The company plans to continue investing in merchant support initiatives to drive industry upgrades and ensure the sustainable development of its platform. Ms. Jun Liu, VP of Finance, noted that revenue growth continued to moderate due to the evolving competitive landscape and external uncertainties, with financial results potentially fluctuating quarter-to-quarter as ecosystem investments roll out.