Temu parent PDD’s shares soar following 93% revenue growth

HONG KONG — Chinese e-commerce giant PDD Holdings’ revenue increased 93% in the July-September quarter to 68.84 billion yuan ($9.66 billion), well ahead of Wall Street’s consensus, sending the Temu bargain app operator’s New York-listed shares 18% higher in early trading Tuesday.

Online marketing services and transaction services, which surged 39% and 315%, respectively, drove the rise in revenue. The increased revenue for transaction services was partially due to the contribution from Temu, PDD’s cross-border e-commerce platform that ships goods from China to overseas buyers.