Reported 3 days ago
PDD Holdings Inc., owner of Temu, saw its shares fall sharply after announcing a projected decline in profitability due to fierce competition in China. The company reported quarterly earnings below expectations and expressed concerns about the slowing Chinese economy affecting its performance. Despite a strong international presence through Temu, PDD is struggling with weak domestic consumer spending and operational challenges, leading to fears about its future growth amid increasing scrutiny and potential tariff issues.
Source: YAHOO