Products
PDD posts second-quarter revenue miss as e-commerce competition rises
PDD, owner of Temu and Pinduoduo, reported second-quarter revenue of about $16.72 billion, up 8.1% year over year but below an estimate of roughly $17.17 billion. Net profit fell 12% to about $4.04 billion, above a roughly $3.63 billion estimate. The Wall Street Journal summary said rising competition from livestreaming and social e-commerce is challenging PDD's market position.
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