PDD Holdings, Temu‘s parent company, saw revenue growth slow down last quarter. The Chinese e-commerce player is trying to entice consumers as both competitive and government pressure increases. Nevertheless, profits still rose by 14%.
Singles’ Day less exuberant
PDD exceeded profit expectations in the third quarter with a 14% increase: adjusted earnings per share came in at 21.08 yuan (2.74 euros), well above the average analyst estimate of 16.84 yuan (2.19 euros). This is remarkable because, like its peers Alibaba and JD.com, PDD tried to entice consumers in the Chinese domestic market with aggressive discounts and heavily subsidized price reductions.
