PDD Holdings Surpasses Revenue Expectations Amidst E-commerce Rivalry
Chinese e-commerce firm PDD Holdings has surpassed market expectations with its quarterly revenue, reflecting a rebound in domestic demand and steady growth in international ventures. U.S.-listed shares soared by nearly 12% following the announcement. Despite global trade challenges, PDD's platforms Pinduoduo and Temu have shown promising results.
PDD Holdings, a prominent name in Chinese e-commerce, exceeded quarterly revenue forecasts, showcasing a recovery in local demand and robust growth internationally.
The company's U.S.-listed shares rose almost 12% in premarket trading, illustrating investor confidence. This comes as China's leadership strives to invigorate domestic consumption amid economic challenges and international trade tensions.
Amid intense competition, PDD and rivals like JD.com and Alibaba have introduced substantial discounts and promotions, triggering a price war. PDD's platforms have nonetheless thrived, with Pinduoduo and Temu achieving significant revenue of 103.98 billion yuan for the quarter.
(With inputs from agencies.)
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