On Thursday, Temu mother or father PDD Holdings Inc PDD reported fiscal third-quarter 2024 income development 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 companies and others rose 24% Y/Y to $7.03 billion. Revenues from transaction companies 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 circulate.
Over the previous quarter, PDD Holdings targeted on advancing the high-quality growth of its platforms, prioritizing constant and strategic investments in its ecosystem for long-term impression.
Co-CEO Jiazhen Zhao stated that through the third quarter, the corporate elevated investments in its platform ecosystem by introducing service provider assist initiatives and enhancing belief and security measures.
This method inspired high-quality retailers to raise their product and repair choices, making a constructive cycle of development and enchancment.
VP of Finance Jun Liu stated that topline development moderated quarter-on-quarter attributable to intensified competitors and exterior challenges.
PDD Holdings inventory plunged over 20% year-to-date.
Worth Motion: On the final test on Thursday, PDD inventory traded decrease by 11.20% to $103.50 premarket.
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