: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.U.S.-listed shares of PDD Holdings fell as much as 13.9 per cent in premarket trading.PDD reported revenue
: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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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
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
Read more »
China's President Xi Jinping plays peacemaker on Russia visitBEIJING: President Xi Jinping heads to Russia on Monday (Mar 20) hoping to deliver a breakthrough on Ukraine as China seeks to position itself as a peacemaker.
Read more »
China’s flu outbreak continues to spread despite warmer weatherThe outbreak has sparked a scramble for the antiviral drug oseltamivir. Read more at straitstimes.com.
Read more »
Touting friendship and peace, China's President Xi Jinping set to visit RussiaChina's President Xi Jinping walks a diplomatic tightrope as he heads to Moscow, seeking to present China as a global peacemaker while strengthening ties with his closest ally, President Vladimir Putin, who fac
Read more »
WHO, advisors urge China to release all Covid-related data after new researchAdvisors to the World Health Organisation on Saturday (March 18) urged China to release all information related to the origin of the Covid-19 pandemic after new findings were briefly shared on an international database used to track pathogens. New sequences of the SARS-CoV-2 virus as well as additional genomic data based on samples taken from a live animal market in...
Read more »