Below market expectations (Il Sole 24 Ore Radiocor) - Beijing, 26 Aug - The Chinese group PDD Holdings, which owns the e-commerce retailer Temu, said that in the second quarter of 2024 revenue rose 86% to 97.060 billon yuan. However, the top line is below market expectations of about 100 billion yuan.

The operating profit grew 156% to 32.564 billion yuan.

Adjusted operating profit was up 139% to 34.987 billion yuan.

Net income attributable to ordinary shareholders increased 144% to 32.009 billion yuan. Adjusted net income was 34.432 billion yuan, up 125%.

"In the past quarter, our revenue growth rate slowed quarter-on-quarter. Looking ahead, revenue growth will inevitably face pressure due to intensified competition and external challenges,' said Jun Liu, vice president of finance.

'Profitability will also likely to be impacted as we continue to invest resolutely.'.

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(RADIOCOR) 26-08-24 13:22:53 (0257) 5 NNNN