Temu-owner PDD tops quarterly revenue estimates, shares up 11 percent

E-commerce firm PDD Holdings beat market estimates for quarterly revenue on Monday, signaling a rebound in domestic demand and improved growth in its international business despite global trade uncertainties.

The company, which operates low-cost platforms Pinduoduo in China and Temu internationally, reported revenue of 103.98 billion yuan (HK$113.6 billion) during the second quarter ended June, up 7 percent from a year earlier. Analysts on average were expecting revenue of 103.34 billion yuan, according to data compiled by LSEG.

PDD’s shares soared 11 percent in pre-market trading.

Reuters and staff reporter