Temu owner blames domestic competition and international regulation for fall in profits
Temu owner PDD Holdings reported a fall in second-quarter profit and revenue that missed market estimates, blaming fierce competition in China and regulatory pressures abroad.
The operator of Pinduoduo in China and Temu internationally said revenue rose 8% to 112.36bn yuan (£11.54bn) in the three months to June 30, below analysts’ average 116.35bn yuan estimates.
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