Temu-owner PDD Holdings misses quarterly revenue estimates

Chinese e-commerce company PDD Holdings missed Wall Street estimates for first-quarter revenue on Tuesday, as its domestic platform Pinduoduo suffered from weak consumer sentiment while its international business Temu was hit by uncertain global trade policies. U.S.-listed shares of the company fell close to 7% in premarket trading. Despite deep price cuts from retailers and government stimulus measures to boost spending, a prolonged property crisis in the world's second-largest economy has cast a shadow over consumer spending, even on PDD's Pinduoduo, which has out-performed peers with its low-price focus.

Raccontata dafinance.yahoo.com