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Temu Parent’s Profits Tumble Nearly 50 Percent Amid ‘External’ Pressures, US Tariffs

PDD’s American depositary shares fell by more than 13 percent on the Nasdaq.
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Temu Parent’s Profits Tumble Nearly 50 Percent Amid ‘External’ Pressures, US Tariffs
A mobile phone displays the app of cross-border e-commerce platform Temu in Shenzhen, China, on Oct. 28, 2022. CFOTO/Future Publishing via Getty Images
Wesley Brown
Updated:
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PDD Holdings Inc., the Shanghai-based parent company of the retail and shopping platform Temu, saw a significant decline in first-quarter profits and sales as the Chinese e-commerce industry faces growing challenges at home and abroad, while the United States ramps up trade talks with Beijing.

In its first-quarter report released ahead of premarket trading in New York City and London, PDD stated that its net income sank by 47 percent to 14.74 billion yuan ($2 billion) from 27.9 billion yuan ($3.8 billion) a year earlier. Revenue was 95.67 billion yuan ($13.2 billion), up by 10 percent, from 86.8 billion yuan ($12 billion) in the first quarter of 2024.

Wesley Brown
Wesley Brown
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Wesley Brown is a long-time business and public policy reporter based in Arkansas. He has written for many print and digital publications across the country.