Shares of Temu parent PDD Holdings plunged nearly 30% after disappointing second-quarter results, marking their largest one-day loss since listing on the Nasdaq. The company fell short of Wall Street expectations despite a strong annual revenue increase of 86%. Shaun Rein of the China Market Research Group commented that the "panic was overblown" and was a good investment opportunity. The broader Chinese e-commerce sector faces challenges, with weak consumer growth and stiff competition.
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00:00It's Benzinga and here's what's on the block.
00:03Shares of Timu parent company PDD Holdings plunged nearly 30% after disappointing second
00:08quarter results, marking their largest one-day loss since listing on the NASDAQ.
00:12The company fell short of Wall Street expectations despite a strong annual revenue increase of
00:1686%.
00:18Sean Rain of the China Market Research Group commented that the panic was overblown and
00:23was a good buying opportunity for investors.
00:25The broader Chinese e-commerce sector faces challenges with weak consumer growth and stiff
00:30competition.
00:31For all things money, visit Benzinga.com.