On Thursday, Temu father or mother PDD Holdings Inc PDD reported fiscal third-quarter 2024 income progress of 44% year-on-year to $14.16 billion (68.84 billion Chinese language yuan), lacking the analyst consensus estimate of $14.47 billion.
The Chinese language on-line retailer’s adjusted earnings per ADS of $2.65 (18.59 Chinese language yuan) elevated from 11.61 Chinese language yuan Y/Y, lacking the analyst consensus estimate of $2.82. The inventory plunged after the print.
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Revenues from on-line advertising and marketing providers and others rose 24% Y/Y to $7.03 billion. Revenues from transaction providers jumped 72% Y/Y to $7.13 billion.
Adjusted working revenue grew by 48% Y/Y to $3.81 billion.
PDD Holdings held $44.0 billion in money and equivalents as of September 30, 2024. The corporate generated $3.92 billion in working money movement.
Over the previous quarter, PDD Holdings targeted on advancing the high-quality improvement of its platforms, prioritizing constant and strategic investments in its ecosystem for long-term affect.
Co-CEO Jiazhen Zhao stated that through the third quarter, the corporate elevated investments in its platform ecosystem by introducing service provider help initiatives and enhancing belief and security measures.
This method inspired high-quality retailers to raise their product and repair choices, making a optimistic cycle of progress and enchancment.
VP of Finance Jun Liu stated that topline progress moderated quarter-on-quarter attributable to intensified competitors and exterior challenges.
PDD Holdings inventory plunged over 20% year-to-date.
Value Motion: On the final test on Thursday, PDD inventory traded decrease by 11.20% to $103.50 premarket.
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