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PDD

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PDD Holdings, the Chinese owner of online shopping platforms Temu and Pinduoduo, has reported disappointing sales and profit as Chinese consumers continued to hold back amid an economic slowdown.

From BBC

It comes after PDD's main rivals in its home market, Alibaba and JD.com, also posted underwhelming results in the September quarter.

From BBC

It is the second quarter in a row that PDD misses analyst estimates, after years of fast growth.

From BBC

“Our topline growth further moderated quarter-on-quarter amid intensified competition and ongoing external challenges,” said Jun Liu, VP of Finance of PDD Holdings.

From BBC

While PDD's Chinese e-commerce platform, Pinduoduo, has become popular because of its focus on low-cost and heavily discounted products, a growing number of rivals have been adopting similar strategies, triggering a price war.

From BBC

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