Nov 18 (Reuters) - China's PDD Holdings reported a 9% jump in quarterly revenue on Tuesday, in a sign the value-focused e-commerce firm's moves to slash prices and offer steep discounts were bolstering demand in its home market.
U.S.-listed shares of the company, which operates the low-cost Pinduoduo platform in China along with Temu internationally, rose about 1% in choppy premarket trading.
Chinese retail majors such as PDD, Alibaba and JD.com have been trying to lure domestic shoppers with price cuts and promotions during a prolonged period of subdued consumer confidence amid job worries and property sector weakness.
Those discounts have translated into higher sales. JD.com also reported steady sales growth last week, pointing to strong demand for general merchandise and staples on its platform.
PDD reported revenue of 108.28 billion yuan ($15.23 billion) for the third quarter ended September 30, compared with the 108.41 billion yuan average of 15 analyst estimates compiled by LSEG.
Adjusted net income attributable to PDD's shareholders came in at 31.38 billion yuan in the quarter, compared with 27.46 billion yuan a year earlier.
($1 = 7.1111 Chinese yuan renminbi)
Reporting by Deborah Sophia in Bengaluru; Editing by Leroy Leo, Kevin Buckland and Maju Samuel
Source: Reuters