Temu-owner PDD misses market estimates for Q3 revenue on weak consumer spending

Reuters11-21

UPDATE 1-Temu-owner PDD misses market estimates for Q3 revenue on weak consumer spending

Adds shares in paragraph 2, background in paragraphs 3-4, profit in paragraph 6

Nov 21 (Reuters) - China's PDD Holdings PDD.O fell short of market estimates for third-quarter revenue on Thursday, in a sign that promotional offers and discounts were not enough to lure cost-conscious consumers to its e-commerce platform.

PDD's U.S.-listed shares fell more than 14% in premarket trading.

Higher unemployment rate among youth and a property sector crisis have taken a toll on consumer confidence, knocking sales at Pinduoduo, PDD's domestic online shopping site, while e-commerce majors Alibaba 9988.HK and JD.com 9618.HK have also reported tepid quarterly sales growth.

While Pinduoduo has benefited from its low-cost focus, competitive pressure has been increasing with rivals ramping up their own promotions and discounts, resulting in a price war.

PDD's revenue jumped 44% to 99.35 billion yuan ($13.72 billion) for the three months ended Sept. 30. That compared with the 102.65 billion yuan average of 17 analyst estimates compiled by LSEG.

Net income rose to 24.98 billion yuan from 15.54 billion yuan in the same period a year earlier.

($1 = 7.2409 Chinese yuan renminbi)

(Reporting by Deborah Sophia in Bengaluru and Casey Hall in Shanghai; Editing by Christopher Cushing and Anil D'Silva)

((DeborahMary.Sophia@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2485464185?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-21 19:46","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2485464185","market":"us","top_or_hot":-1,"title":"Temu-owner PDD misses market estimates for Q3 revenue on weak consumer spending","media":"Reuters","content":"<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>UPDATE 1-Temu-owner PDD misses market estimates for Q3 revenue on weak consumer spending</title></head><body><p>Adds shares in paragraph 2, background in paragraphs 3-4, profit in paragraph 6</p><p><span>Nov 21 (Reuters)</span><span> - </span>China's PDD Holdings <span>PDD.O</span> <span>fell short of market estimates for third-quarter revenue on Thursday, in a sign that promotional offers and discounts were not enough to lure cost-conscious consumers to its e-commerce platform.</span></p><p><span>PDD's U.S.-listed shares fell more than 14% in premarket trading. </span></p><p><span>Higher unemployment rate among youth and a property sector crisis have taken a toll on consumer confidence, knocking sales at Pinduoduo, PDD's domestic online shopping site, while e-commerce majors Alibaba <span>9988.HK</span> and JD.com <span>9618.HK</span> have also reported tepid quarterly sales growth. </span></p><p><span>While Pinduoduo has benefited from its low-cost focus, competitive pressure has been increasing with rivals ramping up their own promotions and discounts, resulting in a price war. </span></p><p><span>PDD's revenue jumped 44% to </span>99.35 billion yuan ($13.72 billion) for the three months ended Sept. 30. That compared with the 102.65 billion yuan average of 17 analyst estimates compiled by LSEG. </p><p><span>Net income rose to 24.98 billion yuan from 15.54 billion yuan in the same period a year earlier.</span></p><p>($1 = 7.2409 Chinese yuan renminbi)</p><p> (Reporting by Deborah Sophia in Bengaluru and Casey Hall in Shanghai; Editing by Christopher Cushing and Anil D'Silva)</p><p> ((DeborahMary.Sophia@thomsonreuters.com;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Temu-owner PDD misses market estimates for Q3 revenue on weak consumer spending</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTemu-owner PDD misses market estimates for Q3 revenue on weak consumer spending\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-21 19:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20241121:nL4N3MS0WJ:2><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>UPDATE 1-Temu-owner PDD misses market estimates for Q3 revenue on weak consumer spendingAdds shares in paragraph 2, background in paragraphs 3-4, profit in paragraph 6Nov 21 (Reuters) - China's PDD ...</p>\n\n<a href=\"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20241121:nL4N3MS0WJ:2\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BABA","symbol_name":"阿里巴巴","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20241121:nL4N3MS0WJ:2","article_id":"2485464185","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485464185","pubTimestamp":1732189594,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"UPDATE 1-Temu-owner PDD misses market estimates for Q3 revenue on weak consumer spendingAdds shares in paragraph 2, background in paragraphs 3-4, profit in paragraph 6Nov 21  - China's PDD Holdings PDD.O fell short of market estimates for third-quarter revenue on Thursday, in a sign that promotional offers and discounts were not enough to lure cost-conscious consumers to its e-commerce platform.PDD's U.S.-listed shares fell more than 14% in premarket trading. Higher unemployment rate among youth and a property sector crisis have taken a toll on consumer confidence, knocking sales at Pinduoduo, PDD's domestic online shopping site, while e-commerce majors Alibaba 9988.HK and JD.com 9618.HK have also reported tepid quarterly sales growth. While Pinduoduo has benefited from its low-cost focus, competitive pressure has been increasing with rivals ramping up their own promotions and discounts, resulting in a price war. PDD's revenue jumped 44% to 99.35 billion yuan  for the three months ende","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"BABA":"阿里巴巴","09618":"京东集团-SW"},"translate_title":"由于消费者支出疲软，Temu所有者拼多多第三季度收入未达到市场预期","themeId":"16e4da37538c41d6cec7aa276f11f677","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09618":0.9,"BABA":0.9},"content_text":"UPDATE 1-Temu-owner PDD misses market estimates for Q3 revenue on weak consumer spendingAdds shares in paragraph 2, background in paragraphs 3-4, profit in paragraph 6Nov 21 (Reuters) - China's PDD Holdings PDD.O fell short of market estimates for third-quarter revenue on Thursday, in a sign that promotional offers and discounts were not enough to lure cost-conscious consumers to its e-commerce platform.PDD's U.S.-listed shares fell more than 14% in premarket trading. Higher unemployment rate among youth and a property sector crisis have taken a toll on consumer confidence, knocking sales at Pinduoduo, PDD's domestic online shopping site, while e-commerce majors Alibaba 9988.HK and JD.com 9618.HK have also reported tepid quarterly sales growth. While Pinduoduo has benefited from its low-cost focus, competitive pressure has been increasing with rivals ramping up their own promotions and discounts, resulting in a price war. PDD's revenue jumped 44% to 99.35 billion yuan ($13.72 billion) for the three months ended Sept. 30. That compared with the 102.65 billion yuan average of 17 analyst estimates compiled by LSEG. Net income rose to 24.98 billion yuan from 15.54 billion yuan in the same period a year earlier.($1 = 7.2409 Chinese yuan renminbi) (Reporting by Deborah Sophia in Bengaluru and Casey Hall in Shanghai; Editing by Christopher Cushing and Anil D'Silva) ((DeborahMary.Sophia@thomsonreuters.com;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485464185"}