PDD Holdings, owner of ecommerce platforms Temu and Pinduoduo, posted US$9.62 billion in revenue for the third quarter of 2023, marking a 94% increase and surpassing market expectations of US$7.71 billion.

This performance led to a nearly 14% jump in its US-listed shares during premarket trading. Notably, Temu, launched just last year, is anticipated to bring in over US$16 billion in revenue this year.