U.S.-listed shares of PDD Holdings (PDD) rose Thursday after the parent of the Temu shopping app posted a higher quarterly profit even though it missed sales estimates as Chinese consumers pulled back spending and it faced higher costs.

The company reported fourth-quarter 澳洲幸运5官方开奖结果体彩网:non-GAAP income of 29.85 billion yuan ($4.09 billion), ahead of forecasts. However, while revenue rose 24% year-over-year to 110.61 billion yuan, analysts surveyed by Visib💯le Alpha were looking for 117.83 billion yuan.

Cꦉosts of revenue jumped𓄧 36% to 47.80 billion yuan, mainly because of higher fulfillment fees and payment processing fees. Operating expenses grew 19% to 37.22 billion yuan.

Vice President of Finance Jun Liu said PDD "delivered stable financial results supported by the resolute execution of our high-quality development strategy."

Retail sales in China increased 3.7% in December, half the gain registered in the previous year.

U.S.-listed shares of PDD Holdings gained 1.7% Thursday morning. They are about 3% lower over the past year.