PDD Holdings, the Chinese owner of online shopping platforms Temu and Pinduoduo, has reported disappointing sales and profit as Chinese consumers continued to hold back amid an economic slowdown.
US-listed shares of the e-commerce giant fell nearly 11% on Thursday following the announcement.
It comes after PDD’s main rivals in its home market, Alibaba and JD.com, also posted underwhelming results in the September quarter.
Consumer confidence in China has taken a hit from a crisis in the country’s property sector and high levels of youth unemployment.
In the quarter that ended in September, PDD’s revenue reached 99.35bn yuan ($13.7bn, £10.9bn), below analyst forecasts of around 102.8bn yuan.
It is the second quarter in a row that PDD misses analyst estimates, after years of fast growth.
“Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges,” said Jun Liu, VP of Finance…
