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PDD Holdings shares plunge after earnings disappointment
PDD Holdings, the parent company of e-commerce platforms Pinduoduo and Temu, announced third-quarter earnings that fell short of market expectations.
The company’s US-listed shares dropped over 10% in pre-market trading following the announcement.
The decrease in consumer spending is attributed to higher youth unemployment and a crisis in the Chinese property sector, affecting Pinduoduo sales.
PDD’s revenue rose 44% to 99.35 billion yuan (US$13.72 billion) for the quarter ending September 30, but this was below analyst forecasts of 102.65 billion yuan (US$14.37 billion).
Net income rose to 24.98 billion yuan (US$3.50 billion) from 15.54 billion yuan (US$2.17 billion) the previous year.
Recent PDD Holdings developments
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26-Aug-2024 🚀 PDD Holdings’ financial health in 7 charts
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20-Mar-2024 📈 PDD Holdings posts 2x growth in 2023 revenue, operating profit
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29-Nov-2023 📈 PDD Holdings surpasses Q3 revenue projections, shares jump 14%
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29-Aug-2023 📈 PDD Holdings Q2 revenue soars 66% on post-Covid demand
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| 13-Apr-2023 🌍 How Temu is taking the Pinduoduo playbook overseas |
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