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 14 per cent in trading before the bell.Chinese consumer spending has gained some mome
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.
Platforms that rely on discounting and low-cost goods such as Pinduoduo and China's TikTok-equivalent Douyin have outperformed e-commerce peers in the first months on 2023. In a call with analysts following its earnings release, Zhao also took aim at the competitive landscape of Chinese e-commerce, indicating unnamed competitors were behind recent"malicious attacks" against"dozens" of Pinduoduo flagship stores.
Expansion of PDD's international platform Temu, which launched in September 2022 and sells made-in-China products at affordable prices, also boosted the company's revenue growth. Though PDD didn't break out Temu revenue, in a call with analysts executives stressed that the business remains in its early stages and its contribution to overall revenue is"small".
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