Source: Tech – South China Morning PostE-commerce firm PDD Holdings, which operates low-cost platforms Pinduoduo in China and Temu internationally, easily beat market estimates for quarterly revenue on Monday, although net profit fell due to investments to ward off intensifying competition.
US-listed shares of the company jumped nearly 12 per cent in premarket trading, buoyed by adjusted earnings per ADS of 22.07 yuan, which exceeded estimates of 15.74 yuan.
The Chinese government has been seeking to boost domestic consumption to…Read More