Increased domestic competition is affecting the parent company of the e-commerce site Temu, PDD Holdings. The company's revenues for the latest quarter increased by 44 percent compared to the same period in 2023.
Compared to the first quarter of this year, when revenue growth was as high as 131 percent, and the second quarter (44 percent), the figure was a disappointment.
The result was also worse than analysts' expectations, and the company, listed on the New York Stock Exchange, fell 16 percent in pre-trading.
PDD Holdings is not the only Chinese company that has been a disappointment during the reporting season. The e-commerce companies Alibaba and JD.com have also been noted for weak revenue growth.
