Temu-owner PDD misses quarterly revenue estimates

Discount ecommerce company PDD Holdings missed market estimates for quarterly revenue on Wednesday, as subdued consumer spending weighed ‌on ⁠its Chinese ⁠platform, Pinduoduo, overshadowing robust growth at its overseas marketplace Temu.

Shares of the company fell 2% in premarket trading.

The shortfall underscores the extent to which China’s faltering ⁠recovery and ‌fragile household confidence are beginning to erode activity even ⁠on discount-focused platforms.