Temu-Operator PDD Holdings Jumps 8% Premarket After It Beats Q1 Revenue Estimates

Reuters05-22

May 22 (Reuters) - PDD Holdings beat first-quarter revenue estimates on Wednesday, powered by strong adoption of its international shopping site, Temu, and as Chinese domestic discount e-commerce platform Pinduoduo attracted more price-conscious customers.

PDD Holdings shares jump 8% in premarket trading after earnings, pushing its market capitalization surpassing Alibaba.

Consumers in China have preferred less expensive shopping platforms such as Pinduoduo and Bytedance's Douyin at a time when a prolonged property sector downturn and rising local debt weighed on the country's economic growth.

Temu, the sister app of Pinduoduo, sells a wide variety of products, many of them made in China, for rock-bottom prices. Since launching in September 2022, its popularity has grown as has competition with e-commerce incumbents such as Shein and Amazon in the United States and other markets.

Competitors Alibaba and JD.com last week reported revenue that beat market expectations and said they expect consumer confidence to tick higher this year.

The company's revenue was at 86.81 billion yuan ($11.99 billion) in the first quarter, compared with analysts' average estimate of 75.66 billion yuan, according to LSEG data.

PDD's net income rose to 28 billion yuan from 8.1 billion yuan a year ago.

($1 = 7.2396 Chinese yuan renminbi)

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