PDD's revenue of 99.35bn yuan fell short of analyst forecasts of 102.8bn yuan, marking the second consecutive quarter of missed estimates amid a severe economic slowdown.
VP of Finance, Jun Liu, stated, 'Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges,' highlighting competitive pressures.
Citi analyst Alicia Yap noted, 'There's uncertainty on potential tariff change and increasing pushback from more countries related to its ‘cheap’ prices,' pointing out global trade challenges.
Temu faces regulatory challenges as authorities in Vietnam and Indonesia are acting against it over licensing issues, raising concerns about its operational future.
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