Temu-owner PDD Holdings profit falls 47% as it faces challenges at home and abroad

News Snapshot:

Open this photo in gallery: A tit-for-tat tariff escalation between the U.S. and China, followed by a temporary 90-day de-escalation, has generated uncertainty for online marketplace Temu.FLORENCE LO/Reuters Chinese e-commerce firm PDD Holdings Inc. PDD-Q saw first-quarter net profit fall 47 per cent to 14.74 billion yuan (US$2.05-billion) as its domestic platform suffered from intense local competition and its international business was hit by global trade uncertainty. U.S.-listed shares of the company fell more than 19 per cent in premarket trading. “[PDD’s] massive bottom line miss is due to much weaker than expected operating margin, likely impacted by U.S. tariffs,”...