Shares in PDD Holdings Inc (NASDAQ:PDD) fell 7% in premarket trading in New York after the Temu owner reported lower revenues than expected for the final quarter of last year.
The Shanghai-based tech conglomerate, which also has a base in Dublin, Ireland, reported total fourth-quarter revenues of RMB 110.6 billion (US$115.15 billion), an increase of 24% on a year earlier. This was well below the analyst consensus of RMB 115.4 billion, per data from LSEG.
Net income rose 18% to RMB 27.5 billion (US$3.8 billion), with earnings per share of RMB 20.15 that beat RMB 19.84 average forecasts.
"Over the past year, we invested consistently in our platform ecosystem," said co-CEO Jiazhen Zhao.
Finance chief Jun Liu said PDD "will continue to prioritize investments in the platform ecosystem as the cornerstone of our long-term value creation strategy."