Chinese e-commerce firm PDD Holdings (PDD.O) saw first-quarter net profit fall 47% to 14.74 billion yuan ($2.05 billion) as its domestic platform suffered from intense local competition and its international business was hit by global trade uncertainty. Despite deep price cuts by retailers and government stimulus measures to boost spending, a prolonged property crisis in the world’s second-largest economy has cast a shadow over consumer spending in China. Additionally, a tit-for-tat tariff escalation between the U.S. and China, and subsequent (and temporary) 90-day de-escalation, has generated widespread uncertainty for global businesses. For reference, Temu e-commerce competitor Alibaba also so its quarterly revenue miss estimates.
Temu-owner PDD Holdings Profit Dives
