China's largest food delivery firm, Meituan, reported a 22.1% rise in Q3 revenue, reaching approximately $10.7B. This marks the third consecutive quarter of profit, with net income nearly tripling to around $507M. The firm's recovery from the global health crisis has been attributed to strong travel demand. Meanwhile, Pinduoduo (PDD) reported a 94% YoY increase in Q3 revenue, amounting to about $9.6B, and a 47% increase in net income, causing its stock to jump over 15%. The success of its Temu app and a surge in net income have contributed to this growth. Both companies have been offering discounts to attract consumers from rivals like Shein and Amazon. Thai ecommerce and retail organizations are pushing for stricter rules on low-priced online products.
China's PDD beats estimates as online discounter Temu booms https://t.co/FPHShCRzQC
Meituan reported a bigger-than-expected 22% rise in third-quarter revenue, China’s largest food delivery firm extended its recovery from the global health crisis impact of last year https://t.co/wRunYbEiLf https://t.co/yIj0WVrlUR
PDD, which runs Temu and Pinduoduo, reports Q3 revenue up 94% YoY to ~$9.6B vs. ~$7.7B est., and net income up 47%, after grabbing Shein users; PDD jumps 15%+ (@janez901 / Bloomberg) https://t.co/N5C1CA8TdI 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/xdR2Ei99j8
China's Meituan posted a bigger-than-expected 22.1% rise in third-quarter revenue, as the country's largest food delivery firm extended its recovery from the global health crisis impact of last year https://t.co/nVABKrGCiQ https://t.co/6ZTFg9MPWd
China's PDD beats estimates as online discounter Temu booms https://t.co/JRPt06dHFo https://t.co/4gypSSG6kd
PDD's revenue beats estimates as the company behind the Temu app ramped up discounts to grab consumers from rivals such as Shein and Amazon https://t.co/Rf3DdbXeHq
PDD's revenue beats estimates as the company behind the Temu app ramped up discounts to grab consumers from rivals such as Shein and Amazon https://t.co/N7gVdwYhTN
Meituan reports Q3 revenue up 22% YoY to ~$10.7B, narrowly beating est., and net income up nearly 3x to ~$507M, boosted by strong Chinese travel demand (@_szheng / Bloomberg) https://t.co/y0FlIVPRkj 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/7WY4Kv6J0Z
China food delivery firm Meituan beats revenue expectations amid economic headwinds https://t.co/5iVj6jncbV https://t.co/wN8QXSFyL3
Meituan records a third straight quarter of profit, after strong travel demand helped the food delivery giant defy slowing growth for its core business under China’s uneven economic recovery https://t.co/RTxtlzzOv4
Meituan records a third straight quarter of profit, after strong travel demand helped the food delivery giant defy slowing growth for its core business under China’s uneven economic recovery https://t.co/bjMl0ZBGiM
Meituan records a third straight quarter of profit, after strong travel demand helped the food delivery giant defy slowing growth for its core business under China’s uneven economic recovery https://t.co/H5Ebw0UMVZ
Meituan records a third straight quarter of profit, after strong travel demand helped the food delivery giant defy slowing growth for its core business under China’s uneven economic recovery https://t.co/SqugicfUpv
Thai ecommerce, retail orgs urge stricter rules on low-priced online products https://t.co/2JMmVBhFsu