U.S.-listed shares of the company, which is also home to Chinese online discount retailer Pinduoduo, rose more than 13% in premarket trading
beat Wall Street estimates for fourth-quarter revenue on Wednesday, driven by robust user growth and sales on its global platform Temu.
PDD’s revenue for the quarter ended Dec. 31 was 88.88 billion yuan , topping the 79.23 billion expected by analysts, LSEG data showed. Temu, which launched in September 2022, is now operating in 51 global markets. Its expansion has been costly however, with PDD’s sales and marketing expenses growing 50 per cent on the year to 26.64 billion yuan.
Executive director and co-CEO Zhao Jiazhen also said in the fourth quarter PDD saw “growing demand driven by encouraging consumer sentiment.”
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