Temu Parent PDD Stock Tumbles After Q3 Profit Miss, Company Cites Intensified Competition and External Challenges

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Temu Parent PDD Stock Tumbles After Q3 Profit Miss, Company Cites Intensified Competition and External Challenges - Benzinga

Quick Summary:

On Thursday, Temu parent PDD Holdings Inc (NASDAQ:PDD) reported fiscal third-quarter 2024 revenue growth of 44% year-on-year to $14.16 billion (68.84 billion Chinese yuan), missing the analyst consensus estimate of $14.47 billion.

The Chinese online retailer's adjusted earnings per ADS of $2.65 (18.59 Chinese yuan) increased from 11.61 Chinese yuan Y/Y, missing the analyst consensus estimate of $2.82. The stock plunged after the print.

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