Temu parent PDD Holdings beat third-quarter revenue forecasts as heavy discounting boosted sales across its e-commerce platforms in China and overseas, sending its US-listed shares around 15% higher in premarket trading.
PDD, home to Chinese discount online retailer Pinduoduo as well as cross-border international platform Temu, has received a big boost from the growing popularity of its international e-commerce arm.
The firm said total revenue in the third quarter ended September 30 was around $19.44 billion, up 94% from the year prior, while operating profit jumped 60% to $2.29 billion.
The increase in revenue was primarily due to an increase in online marketing services and transaction services, the firm said.
Revenue from online marketing services and others were $5.44 billion, up 39%, while revenue from transaction services increased 315% to $4.00 billion from the year before.