China-based e-commerce giant Temu is attracting attention worldwide with its affordable product offerings. The platform, which has also seen great interest in Turkey, recently showcased its performance through the financial data released by its parent company PDD Holdings. Although the revenue reached $13.64 billion in the second quarter, slightly below the expected $14 billion, the company exhibited a remarkable annual growth rate of %86. This growth is primarily driven by Temu’s rise in the global market.
PDD Holdings Earned a Revenue of $13.64 Billion in the Second Quarter
However, economic factors such as weak consumer spending and rising unemployment rates in China have negatively impacted the local platform Pinduoduo, causing revenues to fall below expectations. This situation emerges as a significant factor affecting the overall performance of PDD Holdings.
Revenues from PDD Holdings’ online sales services also increased by %29, reaching a total of $6.76 billion. This increase supports the company’s performance in other operational areas, positively affecting the overall growth trend.
Overall, Temu and PDD Holdings continue to be significant players in the global e-commerce market, maintaining their growth potential. However, economic slowdown and declining consumer spending in the Chinese domestic market pose major challenges for the company.
