Temu-owner PDD Holdings misses quarterly revenue expectations

The logo of Temu, an e-commerce platform owned by PDD Holdings, is seen on a mobile phone displayed in front of its website, in this illustration picture taken April 26, 2023. REUTERS/Florence Lo/Illustration/File Photo

(Reuters) - PDD Holdings, which operates the Pinduoduo and Temu, missed market estimates for quarterly revenue on Thursday, as demand remained weak in the company's Chinese e-commerce business despite deep discounts and government stimulus to boost spending.

The company reported revenue of 110.61 billion yuan ($15.27 billion) for the three months ended December 31, compared with analysts' average estimate of 115.38 billion yuan according to data compiled by LSEG.

($1 = 7.2421 Chinese yuan renminbi)

(Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri)