Reported 2 days ago
PDD Holdings, the owner of e-commerce platforms Pinduoduo and Temu, reported quarterly revenues that fell short of market expectations due to weak demand in China despite governmental stimulus and discounts. The company is struggling against fierce competition from Alibaba and JD.com, which have outperformed it recently, and its international platform, Temu, may face challenges from potential changes in U.S. import policies. Despite these issues, PDD saw a slight rise in U.S. shares and reported better-than-expected profits driven by interest income and favorable currency exchange rates.
Source: YAHOO