Pinduoduo owner's revenue falls short on weak China consumer spending

:PDD Holdings Inc, which owns discount e-commerce platforms Pinduoduo and Temu, missed expectations on Monday for fourth-quarter revenue as China's post-reopening consumer recovery remains patchy.PDD reported revenue of 39.82 billion yuan for the quarter ended Dec. 31, up 46 per cent year-on-year, but this fell short of estimates for 41.01 billion yuan, based on Refinitiv data.

"Sales volumes of daily essential products on the platform showed steady growth, meanwhile consumer demand for high quality merchandise is growing, categories like mobile phones, beauty and cosmetics and baby products all had decent growth," he said. Discounting campaigns by rivals have also intensified competition for PDD, which has gained market share since it first came on the scene in 2015 by targeting price conscious consumers with discounted goods.

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Pinduoduo owner's revenue falls short on weak consumer spending:PDD Holdings Inc, which owns discount e-commerce platforms Pinduoduo and Temu, on Monday missed expectations for fourth-quarter revenue as China's post-re-opening consumer recovery remains patchy.U.S.-listed shares of PDD Holdings fell 7 per cent in premarket trading.PDD reported revenue of 39.82 bill
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

China's PDD misses revenue estimates on weak consumer spendingChina's PDD Holdings Inc missed Wall Street's estimates for fourth-quarter revenue on Monday as a rise in COVID-19 cases in the country curtailed consumer spending.U.S.-listed shares of the Chinese company fell 7 per cent in premarket trading.A resurgence in COVID-19 cases in China hurt e-commerce
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »