Temu Operator PDD Tumbles as Trade War Hits Sales, Profit

Shares of Temu owner PDD Holdings Inc. plunged in US trading after its quarterly sales and profit missed estimates, underscoring how trade tensions between Beijing and Washington are taking a toll on its business.

Revenue for the March quarter was 95.7 billion yuan ($13.3 billion), falling short of the average analyst estimate of 101.6 billion yuan. Net income totaled 14.7 billion yuan, while analysts had expected 25.7 billion yuan. PDD’s US depositary receipts tumbled as much as 18% in New York on Tuesday after markets opened.