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Net income dropped 12% year over year to $4 billion, but analysts had expected a steeper decline
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PDD Holdings, the Chinese parent company of bargain-shopping app Temu, reported second-quarter net income of 27.18 billion yuan ($4 billion), a 12% decline from the same period a year earlier. The result still cleared analyst expectations of 24.40 billion yuan, according to the Wall Street Journal.
Total revenue for the three months ended June 30 rose 8% to 112.36 billion yuan ($16.6 billion), the company said. Analysts had forecast revenue of 115.41 billion yuan, according to the Wall Street Journal.
