Temu-owner PDD misses quarterly revenue estimates

Discount ecommerce company PDD Holdings missed market estimates for quarterly revenue on Wednesday, as subdued consumer spending weighed ‌on ⁠its Chinese ⁠platform, Pinduoduo, overshadowing robust growth at its overseas marketplace Temu.

Shares of the company fell 2% in premarket trading.

The shortfall underscores the extent to which China's faltering ⁠recovery and ‌fragile household confidence are beginning to erode activity even ⁠on discount-focused platforms.


Pinduoduo, long buoyed by cost-conscious shoppers, saw growth cool as consumers reined in discretionary purchases amid broader economic uncertainty.

Net income at PDD fell about 11% to ‌24.5 billion yuan for the quarter, from a year earlier.

The company reported ⁠revenue of 123.9 billion yuan ($17.96 billion) for the fourth quarter, compared with analysts' average estimate of 124.4 billion yuan, according to LSEG data.

($1 = 6.8988 Chinese yuan renminbi)