Temu parent PDD Holdings Inc
The Chinese online retailer's adjusted earnings per ADS of $3.20 (23.24 Chinese yuan) increased from 10.47 Chinese yuan Y/Y, beating the analyst consensus estimate of $2.73. The stock plunged after the print.
Revenues from online marketing services and others rose 29% Y/Y to $6.76 billion. Revenues from transaction services jumped 234% Y/Y to $6.6 billion.
The Alibaba Group Holding Limited
PDD Holdings held $39.2 billion in cash and equivalents as of June 30, 2024, and generated $6.03 billion in operating cash flow.
"While encouraged by the solid progress we made in the past few quarters, we see many challenges ahead," said Mr. Lei Chen, Chair and Co-CEO of PDD Holdings.
"In the past quarter, our revenue growth rate slowed quarter-on-quarter. Looking ahead, revenue growth will inevitably face pressure due to intensified competition and external challenges," said Ms. Jun Liu, VP of Finance of PDD Holdings. "Profitability will also likely be impacted as we continue to invest resolutely."
PDD Holdings stock is up over 73% in the last 12 months.
Price Action: PDD stock traded lower by 14.70% to $119.35 premarket at the last check on Monday.
