💨 Abstract

PDD Holdings, operator of Pinduoduo and Temu, fell short of revenue expectations for Q4 2022 due to weak demand in its Chinese e-commerce business. The company reported revenue of 110.61 billion yuan, compared to analysts' estimate of 115.38 billion yuan. Despite government stimulus and discounts, consumers are still tightening their spending due to economic weakness.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖