Temu owner PDD Holdings misses quarterly revenue estimates

PDD Holdings, the parent company of the e-commerce platforms Temu and Pinduoduo, reported fourth-quarter revenue on Wednesday that fell slightly short of market expectations. The company faced headwinds from a cooling retail environment in its primary market, which has impacted domestic growth.

The group recorded revenue of 123.9 billion yuan, equivalent to approximately $17.96 billion. This figure trailed the average analyst projection of 124.4 billion yuan, according to data compiled by LSEG. The slight miss highlights the challenges currently facing major retail players in China.