PDD Surges 18% After Hit App Temu Wrests Shoppers From Shein
- Revenue almost doubled while profit jumped 47% last quarter
- Investors betting Temu will sustain momentum against rivals
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PDD Holdings Inc. surged 18% after reporting a stronger-than-anticipated doubling in revenue, as hit shopping app Temu ramped up discounts and marketing to grab consumers from Shein and Amazon.com Inc.
The Chinese-owned e-commerce platform reported a 47% increase in net income off sales of 68.8 billion yuan ($9.6 billion) in the September quarter, surpassing by about 25% the average revenue estimate. The stock rose the most since May.