Copyright © Emerce 2023

The New York-listed shares of Pinduoduo Holdings, parent company of Temu, are up 11 per cent in pre-trade on announcement of quarterly results.

The figures were just published and show a quarter of progress.

PDD, which operates low-cost platforms Pinduoduo in China and Temu internationally, reported revenue of $14.5 billion in the second quarter, up seven per cent from a year earlier.

Analysts on average expected slightly lower revenue, which explains the price rise.

Temu and Pinduoduo have two main sources of revenue: sales commission and marketing services. The latter includes advertising services through which merchants on the platform advertise their merchandise. Marketing revenue (7.8 billion) rose 13 per cent, while seller commissions remained stable at 6.7 billion.

Net PDD retains $4.3 billion.

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