Reported about 2 months ago
PDD Holdings Inc., known for its low-priced e-commerce offerings, reported disappointing revenues and issued a cautious outlook, leading to a 29% drop in its stock price and a $55 billion loss in market value. This downturn underscores the challenges facing China's economy, characterized by weakened consumer confidence and slowing retail sales growth. Despite PDD's prior success in appealing to cost-conscious consumers, the company now foresees a shift toward more quality-focused purchasing behaviors, reflecting broader economic uncertainties.
Source: YAHOO