Temu-Owner PDD beats profit estimates as revenue growth slows to 8%
PDD Holdings posted adjusted quarterly earnings of 19.33 yuan per share against estimates of 18.51, with revenue up 8% to 112.4bn yuan, or $16.6bn, missing forecasts. Shares rose about 3.5% premarket as European regulatory pressure on Temu continues to build.
Temu’s owner made more money than analysts expected and sold less than they hoped. PDD Holdings reported adjusted earnings of 19.33 yuan per American depositary receipt against an estimate of 18.51, on revenue up 8% to 112.4bn yuan, or $16.6bn, which missed forecasts.
Investors took the profit. The shares rose about 3.5% in premarket trading in New York.
The shape of that result is discipline rather than expansion. Single-digit revenue growth is a long way from the pace PDD ran at while Temu was pushing into Europe and the United States.
The company also had something to say about regulators. “We view compliance as a fundamental priority and are...
Copyright of this story solely belongs to thenextweb.com. To see the full text click HERE
