Temu-owner PDD Holdings misses quarterly revenue estimates

Reuters
2024.08.26 10:32
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Aug 26 (Reuters) - China’s PDD Holdingsmissed market estimates for quarterly revenue on Monday, as frail consumer spending dented business at its domestic e-commerce platform Pinduoduo, taking the shine off strong growth in its international platform Temu.The company reported revenue of 97.06 billion yuan ($13.64 billion) in the second quarter, compared with analysts’ average estimate of 100 billion yuan, according to LSEG data. ($1 = 7.1173 Chinese yuan renminbi)

Aug 26 (Reuters) - China’s PDD Holdings (PDD.O) missed market estimates for quarterly revenue on Monday, as frail consumer spending dented business at its domestic e-commerce platform Pinduoduo, taking the shine off strong growth in its international platform Temu.

The company reported revenue of 97.06 billion yuan ($13.64 billion) in the second quarter, compared with analysts’ average estimate of 100 billion yuan, according to LSEG data. ($1 = 7.1173 Chinese yuan renminbi)

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