PDD Holdings and Meituan Report Significant Third-Quarter Growth

PDD's international arm, Temu, expected to generate over $16 billion in revenue this year, while Meituan sees surge in food delivery orders.

PDD Holdings, parent company of Pinduoduo and Temu, reported a 94% surge in third-quarter revenue to 68.8 billion yuan ($9.6 billion), beating estimates.
PDD's operating profit jumped 60% to 16.7 billion yuan, while its share price was up around 10% in pre-trading in New York, giving it a market value of about $170 billion.
Temu, PDD's international e-commerce arm, is expected to generate more than $16 billion in revenue this year and is now available in 48 countries.
Chinese delivery services giant Meituan posted a 22% jump in third-quarter revenue, with its food delivery business recording a new high of 78 million daily orders.
Meituan has started investing heavily in live streaming and video content to engage users, and is exploring overseas market opportunities.