Low-cost e-commerce giant PDD Holdings beats quarterly revenue estimates

By Thomson Reuters Mar 20, 2024 | 5:35 AM

SHANGHAI (Reuters) – PDD Holdings, which operates low-cost e-commerce marketplaces in China and internationally, beat Wall Street estimates for fourth-quarter revenue on Wednesday, driven by robust user growth and sales on its global platform, Temu.

The company’s revenue was 88.88 billion yuan ($12.35 billion) in the quarter ended Dec. 31, compared with analysts’ average estimate of 79.23 billion yuan, based on LSEG data.

($1 = 7.1987 Chinese yuan renminbi)

(Reporting by Jaspreet Singh in Bengaluru and Casey Hall; Editing by Himani Sarkar and Shailesh Kuber)