Temu owner PDD misses quarterly revenue and profit estimates as consumers struggle [Globe and Mail, The (Toronto, Canada)]
PDD Holdings Inc. - American Depositary Shares (PDD)
Company Research
Source: Globe and Mail, The
decrease fell short of market estimates for third-quarter revenue and profit on Thursday, as its low prices did not persuade cost-conscious consumers to spend as much as expected on its platforms. U.S.-listed shares of PDD, which runs the Pinduoduo online shopping site in China and Temu internationally, were down more than 10 per cent in pre-market trading. Higher unemployment among Chinese youth and a property sector crisis have taken a toll on consumer confidence, holding back sales at Pinduoduo. Competitors in China, Alibaba and JD.com, also reported tepid sales growth for their September quarters. While Pinduoduo has benefited from its low-cost focus, competitive pressure has been increasing with rivals ramping up promotions and discounts, sparking a price war. “Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges,” said Jun Liu, VP of Finance at PDD. PDD's revenue jumped 44 per cent to 99.35 billion yuan
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PDD
News
- Temu-owner PDD misses market estimates for Q3 revenue on weak consumer spending [Yahoo! Finance]Yahoo! Finance
- PDD Holdings Announces Third Quarter 2024 Unaudited Financial ResultsGlobeNewswire
- Is PDD Holdings (PDD) A Cheap NASDAQ Stock To Invest In Now? [Yahoo! Finance]Yahoo! Finance
- Temu Faces Growing Scrutiny As Indonesia And Vietnam Express Concerns [Forbes]Forbes
- PDD Holdings to Report Third Quarter 2024 Unaudited Financial Results on November 21, 2024GlobeNewswire
PDD
Earnings
- 11/21/24 - Beat
PDD
Sec Filings
- 11/21/24 - Form 6-K
- 10/22/24 - Form SC
- 10/21/24 - Form SC
- PDD's page on the SEC website