:PDD Holdings Inc beat analysts' estimates for first-quarter revenue on Friday as more price conscious customers turned to its discount e-commerce platforms including Pinduoduo.The company's U.S.-listed shares rose 7 per cent in trading before the bell.Chinese consumer spending has gained some momentum
:PDD Holdings Inc beat analysts' estimates for first-quarter revenue on Friday as more price conscious customers turned to its discount e-commerce platforms including Pinduoduo.Chinese consumer spending has gained some momentum since the country abandoned strict zero-COVID policies late last year. Retail sales in the country rose 5.8 per cent in the January-March period, with online retail sales up 8.6 per cent, according to government data.
Expansion of PDD's international platform Temu, which sells made-in-China products at affordable prices, also boosted the company's revenue growth.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
3 family members fined up to S$150,000 for insider trading over Nippon Paint's acquisition of DuluxGroupSINGAPORE: Three family members have been fined sums ranging from S$100,000 to S$150,000 for insider trading offences over the acquisition of DuluxGroup by Nippon Paint. Shae Toh Hock, 62, was the senior vice president of corporate planning and development at a Nippon Paint Holdings subsidiary in Sing
Read more »
Cognizant's $570 million trade-secret case win against Syntel thrown out on appealA U.S. appeals court on Thursday vacated a $570 million award Cognizant Technology Solutions Corp had won against rival software provider Atos SE's Syntel Inc for theft of its trade secrets related to healthcare insurance software.The New York-based 2nd U.S. Circuit Court of Appeals said Cognizant was not
Read more »
Chipmaker Marvell Technology expects AI revenue to double this year:Marvell Technology Inc on Thursday forecast its artificial intelligence (AI) revenue would double for the year, becoming the second U.S. chip company in as many days to bet on the breakthrough technology.Shares of Marvell rose 17.2 per cent to $57.96 in extended trading as the chipmaker also surpassed Wall S
Read more »
Ford strikes deal with Tesla to gain access to rival charging stations in 2024:Ford Motor Co said on Thursday it has agreed with Tesla Inc to allow its electric vehicle owners to gain access to more than 12,000 Tesla Superchargers in North America in early 2024.A Tesla-developed adapter will provide Ford EVs fitted with the Combined Charging System (CCS) port access to Tesla’s V3 Sup
Read more »
Tesla, Ford CEOs to talk EVs in Twitter forum:Tesla Inc CEO Elon Musk and Ford Motor Co CEO Jim Farley on Thursday will discuss efforts on 'accelerating EV adoption in North America' during an online Twitter conversation, Ford said.The Twitter Spaces conversation will take place at 5:30 p.m. EDT (2130 GMT). Musk also owns Twitter.The event comes
Read more »