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PDD Holdings misses revenue estimates, shares drop 3%
PDD Holdings, the parent company of Pinduoduo and Temu, reported lower-than-expected revenue for the quarter ending Dec. 31, 2024.
The company posted revenue of 110.61 billion yuan (US$15.27 billion), missing analysts’ forecast of 115.38 billion yuan (US$15.92 billion), according to LSEG data.
Following the announcement, PDD’s US-listed shares fell over 3% in premarket trading.
Despite the revenue miss, PDD’s net income rose to 27.45 billion yuan (US$3.79 billion), up from 23.28 billion yuan (US$3.21 billion) a year ago.
The company has been attracting customers with discounts and benefiting from government stimulus, but its Chinese ecommerce segment faces challenges due to weak consumer demand and economic concerns.
Increased competition from major ecommerce players adds further pressure.
Recent PDD Holdings developments
| Timeline |
|---|
| 22-Nov-2024 📊 PDD Holdings’ financial health in 7 charts PDD Holdings continues to challenge Alibaba and Amazon in ecommerce, showcasing significant growth despite its founder’s departure. |
| 22-Nov-2024 📉 PDD Holdings shares plunge after earnings disappointment PDD Holdings misses Q3 earnings expectations, shares drop 10% as revenue grows 44% but falls short of forecasts. |
| 20-Mar-2024 📈 PDD Holdings posts 2x growth in 2023 revenue, operating profit PDD Holdings reports 90% revenue growth in 2023, driven by Temu, with operating profit up 93% to $8 billion. |
| 29-Nov-2023 📈 PDD Holdings surpasses Q3 revenue projections, shares jump 14% PDD Holdings reports $9.62B in Q3 revenue, a 94% rise, boosting shares as Temu aims for $16B this year. |
| 29-Aug-2023 📈 PDD Holdings Q2 revenue soars 66% on post-Covid demand PDD Holdings reports a 47% net income surge to $1.8B in Q2 2023, despite rising competition and app controversies. |
| 20-Mar-2023 💹 PDD Holdings Q4 revenue jumps on low-price strategy PDD Holdings reports Q4 revenue of $5.8B, up 46%, while expenses rise 57%; shares hit record high amid fierce competition. |
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