Tariffs Knock PDD, Temu’s Chinese Owner
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The Chinese owner of bargain-shopping app Temu reported sharply lower profit and its slowest revenue growth in three years, as tariffs threatened its business and increased merchant support weighed on its bottom line. PDD's quarterly revenue rose to a less-than-expected 95.67 billion yuan, equivalent to $13.3 billion. PDD's American depositary receipts dropped 17% Tuesday morning.
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