Temu-owner PDD Holdings misses quarterly revenue expectations

News Snapshot:

(Reuters) -PDD Holdings, which operates Pinduoduo and Temu, missed market estimates for quarterly revenue on Thursday, as demand remained weak in its Chinese e-commerce business despite deep discounts and government stimulus to boost spending. U.S.-listed shares of PDD fell more than 3% in premarket trading. While government stimulus measures and deep price cuts from retailers have drawn some shoppers, PDD's sales report indicates persistent weakness in the Chinese economy is still forcing consumers to keep a tight lid on their spending. The company is also facing stiff competition from e-commerce industry leaders Alibaba and JD.com, with both reporting better-than-expected revenues...