Temu parent PDD Holdings stock drops on sharp profit decline

  • PDD Holdings Inc (NASDAQDD), the parent company of discount online retailer Temu, saw its US-listed shares plunge in early trade on Tuesday as its quarterly earnings fell short of expectations. For the first quarter, profit fell by 47% to RMB14.74 billion (US$2.03 billion), down from RMB28 billion in the year-ago quarter.