Temu parent PDD's shares rise after revenue beats estimates

NEW YORK -- PDD Holdings stock climbed 2% in early trading here Wednesday after the Chinese e-commerce giant reported better-than-expected earnings in the fourth quarter amid overseas expansion.

PDD, owner of the Temu bargain-hunting app, reported revenue of 88.88 billion yuan ($12.5 billion) for the October-December quarter -- up 123% from a year earlier. Analysts had forecast 79.2 billion yuan, according to LSEG Data & Analytics, formerly Refinitiv. With the results well above expectations, the company's shares had surged more than 17% in premarket trading.