PDD Holdings (Temu Owner) Reports Surprise Q4 Profit Drop Amid Higher Expenses

Chinese e-commerce group PDD Holdings, operator of Pinduoduo and Temu, announced a surprise decrease in quarterly profit, attributing the decline to increased reinvestment efforts, a slowdown in China's consumption, and higher operating expenses.

25 Mar, 12:45 — 25 Mar, 12:45

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SCMPMostly Factual26d ago

Pinduoduo operator PDD’s profit slides as Chinese firm cites higher reinvestment

PDD Holdings, the Chinese e-commerce group behind Pinduoduo and global budget marketplace Temu, on Wednesday reported an 11 per cent drop in quarterly profit amid higher sales as the company continued a pivot towards greater reinvestment. Net profit for the quarter fell to 24.5 billion yuan (US$3.6 billion), missing a consensus analyst estimate of 29.1 billion yuan. Meanwhile, revenue rose 12 per cent from a year earlier to 123.9 billion yuan, aligning with a consensus analyst estimate of 123...

By Wency Chen

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