Temu-owner PDD Holdings posts 9% jump in quarterly revenue

(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.

The Temu owner reported revenue ​of 108.28 billion ‌yuan ($15.23 billion) in the third quarter ended September 30, compared with the ⁠108.41 billion ​yuan average of ​15 analyst estimates compiled by LSEG.

($1 ‍= ⁠7.1111 Chinese yuan renminbi)

(Reporting by ⁠Deborah Sophia in Bengaluru; Editing ‌by Leroy Leo and ‌Kevin Buckland)