Temu parent PDD's stock tumbles after a big earnings miss amid 'intensified competition'

Dow Jones

2024-11-21

MW Temu parent PDD's stock tumbles after a big earnings miss amid 'intensified competition'

The U.S.-listed shares of Temu parent PDD Holdings Inc. $(PDD)$ tumbled 11.6% in premarket trading Thursday, after the China based e-commerce company reported third-quarter results that missed expectations by wide margins, as the company invested more in its business as competition intensified. Net income for the quarter to Sept. 30 rose to 24.98 billion renminbi ($3.56 billion), or RMB16.91 per American depositary share, from RMB15.54 billion, or RMB10.60 per ADS, in the same period a year ago. Excluding nonrecurring items, adjusted EPS of RMB18.59 came up well short of the FactSet consensus of RMB19.58. Revenue grew 44.3% to RMB99.35 billion ($14.16 billion), below the FactSet consensus of RMB102.87 billion. Cost of revenue rose more than revenue, up 48% to RMB39.71 billion, to knock gross margin down to 60% from 61%. "Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges," said Vice President of Finance Jun Liu. The stock has dropped 20.4% year to date through Wednesday, while the iShares MSCI China ETF $(MCHI)$ has gained 17.8% and the S&P 500 has advanced 24.1%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 21, 2024 06:48 ET (11:48 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Net income for the quarter to Sept. 30 rose to 24.98 billion renminbi ($3.56 billion), or RMB16.91 per American depositary share, from RMB15.54 billion, or RMB10.60 per ADS, in the same period a year ago. Excluding nonrecurring items, adjusted EPS of RMB18.59 came up well short of the FactSet consensus of RMB19.58. Revenue grew 44.3% to RMB99.35 billion ($14.16 billion), below the FactSet consensus of RMB102.87 billion. Cost of revenue rose more than revenue, up 48% to RMB39.71 billion, to knock gross margin down to 60% from 61%. \"Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges,\" said Vice President of Finance Jun Liu. The stock has dropped 20.4% year to date through Wednesday, while the <a href=\"https://laohu8.com/S/EEMA\">iShares</a> MSCI China ETF <a href=\"https://laohu8.com/S/MCHI\">$(MCHI)$</a> has gained 17.8% and the S&P 500  has advanced 24.1%. \n</p>\n<p>\n     -Tomi Kilgore \n</p>\n<p>\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 21, 2024 06:48 ET (11:48 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones & Company, Inc.\n</p>\n</font></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>Temu parent PDD's stock tumbles after a big earnings miss amid 'intensified competition'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTemu parent PDD's stock tumbles after a big earnings miss amid 'intensified competition'\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\">\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2024-11-21 19:48</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Temu parent PDD's stock tumbles after a big earnings miss amid 'intensified competition'\n</p>\n<p>\n     The U.S.-listed shares of Temu parent PDD Holdings Inc. <a href=\"https://laohu8.com/S/PDD\">$(PDD)$</a> tumbled 11.6% in premarket trading Thursday, after the China based e-commerce company reported third-quarter results that missed expectations by wide margins, as the company invested more in its business as competition intensified. Net income for the quarter to Sept. 30 rose to 24.98 billion renminbi ($3.56 billion), or RMB16.91 per American depositary share, from RMB15.54 billion, or RMB10.60 per ADS, in the same period a year ago. Excluding nonrecurring items, adjusted EPS of RMB18.59 came up well short of the FactSet consensus of RMB19.58. Revenue grew 44.3% to RMB99.35 billion ($14.16 billion), below the FactSet consensus of RMB102.87 billion. Cost of revenue rose more than revenue, up 48% to RMB39.71 billion, to knock gross margin down to 60% from 61%. \"Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges,\" said Vice President of Finance Jun Liu. The stock has dropped 20.4% year to date through Wednesday, while the <a href=\"https://laohu8.com/S/EEMA\">iShares</a> MSCI China ETF <a href=\"https://laohu8.com/S/MCHI\">$(MCHI)$</a> has gained 17.8% and the S&P 500  has advanced 24.1%. \n</p>\n<p>\n     -Tomi Kilgore \n</p>\n<p>\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 21, 2024 06:48 ET (11:48 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones & Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PDD","symbol_name":"拼多多","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2485464443","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485464443","pubTimestamp":1732189680,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"The U.S.-listed shares of Temu parent PDD Holdings Inc.  tumbled 11.6% in premarket trading Thursday, after the China based e-commerce company reported third-quarter results that missed expectations by wide margins, as the company invested more in its business as competition intensified. Net income for the quarter to Sept. 30 rose to 24.98 billion renminbi , or RMB16.91 per American depositary share, from RMB15.54 billion, or RMB10.60 per ADS, in the same period a year ago. Excluding nonrecurring items, adjusted EPS of RMB18.59 came up well short of the FactSet consensus of RMB19.58. Revenue grew 44.3% to RMB99.35 billion , below the FactSet consensus of RMB102.87 billion. Cost of revenue rose more than revenue, up 48% to RMB39.71 billion, to knock gross margin down to 60% from 61%. \"Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges,\" said Vice President of Finance Jun Liu. The stock has dropped 20.4% year to date throu","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"PDD":"拼多多","MCHI":"中国ETF-iShares MSCI"},"translate_title":"Temu母公司拼多多股价因“竞争加剧”盈利大幅下滑而暴跌","themeId":"16e4da37538c41d6cec7aa276f11f677","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PDD":1,"MCHI":0.9},"content_text":"MW Temu parent PDD's stock tumbles after a big earnings miss amid 'intensified competition'\n\n\n     The U.S.-listed shares of Temu parent PDD Holdings Inc. $(PDD)$ tumbled 11.6% in premarket trading Thursday, after the China based e-commerce company reported third-quarter results that missed expectations by wide margins, as the company invested more in its business as competition intensified. Net income for the quarter to Sept. 30 rose to 24.98 billion renminbi ($3.56 billion), or RMB16.91 per American depositary share, from RMB15.54 billion, or RMB10.60 per ADS, in the same period a year ago. Excluding nonrecurring items, adjusted EPS of RMB18.59 came up well short of the FactSet consensus of RMB19.58. Revenue grew 44.3% to RMB99.35 billion ($14.16 billion), below the FactSet consensus of RMB102.87 billion. Cost of revenue rose more than revenue, up 48% to RMB39.71 billion, to knock gross margin down to 60% from 61%. \"Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges,\" said Vice President of Finance Jun Liu. The stock has dropped 20.4% year to date through Wednesday, while the iShares MSCI China ETF $(MCHI)$ has gained 17.8% and the S&P 500  has advanced 24.1%. \n\n\n     -Tomi Kilgore \n\n\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 21, 2024 06:48 ET (11:48 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0}}}