PDD Surges 14% After Hit App Temu Wrests Shoppers From Shein

(Bloomberg) --PDD Holdings Inc. surged more than 14% after reporting a stronger-than-anticipated doubling in revenue, as hit shopping app Temu ramped up discounts and marketing to grab consumers from Shein and Amazon.com Inc.

The Chinese-owned e-commerce platform reported a 47% surge in net income off sales of 68.8 billion yuan ($9.6 billion) in the September quarter, surpassing by about 25% the average revenue estimate.