Temu Owner PDD's Sales Slow Sharply After China Market Sputters [Yahoo! Finance Canada]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance Canada
(Bloomberg) -- PDD Holdings Inc. reported sales that missed estimates, lending weight to fears that China's slowdown is hurting its biggest tech companies more than anticipated. Most Read from Bloomberg The Chinese-owned e-commerce platform reported revenue of 99.4 billion yuan ($13.7 billion) in the September quarter, versus the average analyst estimate of 102.8 billion yuan. Net income was 25 billion yuan, compared to a projected 26.6 billion yuan. PDD's shares slid as much as 16% in pre-market US trading. The disappointing results highlight how PDD, despite a thriving overseas business anchored by hot shopping app Temu, is grappling with an anemic Chinese consumer economy. A quarter ago, PDD issued a surprisingly strong warning about a slowdown in the world's No. 2 economy and talked up challenges including uncertainties in the global environment. That's offsetting some of PDD's gains from abroad. It's been spending big on Temu to drive its global presence, helping push gr
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- Temu-Owner PDD's Shares Dive After Warning of Worsening Profit [Yahoo! Finance]Yahoo! Finance
- Temu-Owner PDD's Shares Dive After Warning of Worsening Profit [Yahoo! Finance Canada]Yahoo! Finance Canada
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