Temu-owner PDD misses market estimates for Q3 revenue on weak consumer spending [Yahoo! Finance]
PDD Holdings Inc. - American Depositary Shares (PDD)
Company Research
Source: Yahoo! Finance
PDD's U.S.-listed shares fell more than 14% in premarket trading. Higher unemployment rate among youth and a property sector crisis have taken a toll on consumer confidence, knocking sales at Pinduoduo, PDD's domestic online shopping site, while e-commerce majors Alibaba and JD.com have also reported tepid quarterly sales growth. While Pinduoduo has benefited from its low-cost focus, competitive pressure has been increasing with rivals ramping up their own promotions and discounts, resulting in a price war. PDD's revenue jumped 44% to 99.35 billion yuan ($13.72 billion) for the three months ended Sept. 30. That compared with the 102.65 billion yuan average of 17 analyst estimates compiled by LSEG. Net income rose to 24.98 billion yuan from 15.54 billion yuan in the same period a year earlier. ($1 = 7.2409 Chinese yuan renminbi) (Reporting by Deborah Sophia in Bengaluru and Casey Hall in Shanghai; Editing by Christopher Cushing and Anil D'Silva)
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PDD
News
- Temu owner PDD misses quarterly revenue and profit estimates as consumers struggle [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- 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