U.S. Tariffs, Competition in China Hit Temu Owner PDD
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PDD, the Chinese parent of popular bargain online seller Temu, said its profit dropped nearly 50% in the first quarter, as a sharply different tariff environment in the U.S. added to challenges at home. PDD’s 10% rise in first-quarter revenue, to the equivalent of $13.18 billion, was its slowest revenue growth in three years.
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