PDD Holdings, which operates the Pinduoduo and Temu, missed market estimates for quarterly revenue on Thursday, as demand remained weak in the company’s Chinese e-commerce business despite deep discounts and government stimulus to boost spending.
The company reported revenue of 110.61 billion yuan ($15.27 billion) for the three months ended December 31, compared with analysts’ average estimate of 115.38 billion yuan according to data compiled by LSEG.
($1 = 7.2421 Chinese yuan renminbi)
