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PDD's Q1 Revenue Misses Expectations

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Nasdaq-listed PDD Holdings' first-quarter revenue missed expectations.

The parent of online retailer Temu posted total revenues of 106.2 billion yuan for the first quarter, up 11% from 95.7 billion yuan a year earlier, according to a Wednesday press release from the company.

Analysts predicted revenue worth about 109 billion yuan on average, based on data compiled by Bloomberg News, the media outlet reported.

Operating profit jumped 22% year on year to 19.6 billion yuan from 16.1 billion yuan, while the attributable net income dropped 15% to 12.5 billion yuan from 14.7 billion yuan in the previous year.

"As we head into the next decade of our journey, supply chain investments will be our core strategic priority," PDD's co-chairman and co-chief executive officer, Jiazhen Zhao, said.

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