PDD Stock Drops. The Temu Owner Sounds Alarm Over Fierce Competition. -- Barrons.com

Dow Jones11-21 20:15

By Adam Clark

Shares in Temu-parent PDD Holdings were dropping early on Thursday after its third-quarter revenue came in below expectations.

The Chinese retailer said its revenue for the third quarter came to 99.35 billion yuan, or $14.16 billion, up 44% from the same period a year earlier. That missed expectations of 102.43 billion yuan according to a FactSet consensus.

"Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges," said Jun Liu, VP of Finance of PDD Holdings

PDD's American depositary receipts were down 11% in premarket trading.

The company's rapid rise, driven by cheap prices and a rapid international expansion, briefly saw it overtake domestic rival Alibaba in market capitalization earlier this year.

PDD reported an adjusted net profit of 27.46 billion yuan. Analysts had expected a net profit of 26.75 billion yuan according to FactSet.

Write to Adam Clark at adam.clark@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 21, 2024 07:15 ET (12:15 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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That missed expectations of 102.43 billion yuan according to a FactSet consensus. \n\n\n     \"Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges,\" said Jun Liu, VP of Finance of PDD Holdings \n\n\n     PDD's American depositary receipts were down 11% in premarket trading. \n\n\n     The company's rapid rise, driven by cheap prices and a rapid international expansion, briefly saw it overtake domestic rival Alibaba in market capitalization earlier this year. \n\n\n     PDD reported an adjusted net profit of 27.46 billion yuan. Analysts had expected a net profit of 26.75 billion yuan according to FactSet. \n\n\n     Write to Adam Clark at adam.clark@barrons.com \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. 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