Reported about 21 hours ago
PDD Holdings, the owner of Temu and Pinduoduo, reported third-quarter revenue and profit figures below market expectations, primarily due to reduced consumer spending driven by economic challenges in China. Despite a 44% increase in revenue compared to the previous year, PDD's performance was affected by increasing competition and missed profit forecasts, leading to a significant drop in their stock price. Executives acknowledged the impact of both external challenges and rising operational costs on profitability.
Source: YAHOO