Temu Parent PDD Third-Quarter Results Miss Views Amid Intense Competition

MT Newswires11-21

Pinduoduo PDD.jpg -Shutterstock PDD Holdings (PDD) reported lower-than-expected third-quarter results on Thursday as the Chinese e-commerce platform increased its business investments amid rising ...

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Revenue soared 44% year over year to 99.35 billion renminbi, below the Street's view for 102.87 billion renminbi. \n\n \"Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges,\" Jun Liu, vice president of finance, said in a statement. \"In our pursuit of high-quality development, we will continue to invest resolutely in building a healthy and sustainable ecosystem, which will be reflected in our results.\"\n\n The company's Nasdaq-listed American depositary receipts fell 9.7% in premarket activity. PDD owns the Pinduoduo social commerce platform in China and an e-commerce marketplace in North America, Temu.\n\n Revenue from online marketing services advanced 24% to 49.35 billion renminbi. Transaction services revenue surged to 50 billion renminbi from 29.15 billion renminbi in the prior-year quarter. \n\n \"In the third quarter, we stepped up the investments in our platform ecosystem through merchant support policies and trust and safety updates,\" co-Chief Executive Jiazhen Zhao said. \n\n Cost of revenue amounted to 39.71 billion renminbi versus 26.83 billion renminbi last year due to higher fulfillment and payment processing fees. Total operating expenses rose 39% year over year to 35.35 billion renminbi, mainly due to higher sales and marketing costs, according to the company. \n\n The company's focus remained on driving \"high-quality development\" of its platforms in the quarter, according to co-CEO Lei Chen. \"We are committed to investing consistently and patiently in our platform ecosystem to deliver impactful results over the long run,\" Chen said.","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/2485492931"}