PDD Holdings Inc(NASDAQ:PDD) shares took a significant hit in August, plummeting approximately 22% to $95.55, largely due to revenue falling short of expectations for the second quarter.
What Happened:For its fiscal second quarter, the parent company of Temu announced that revenue grew 86% year-on-year to $13.36 billion, which missed the analyst consensus estimate of $14.02 billion.
However, the company's adjusted earnings per ADS of $3.20 exceeded expectations.
Despite recent progress, company leadership highlighted challenges ahead, including slower revenue growth and intensified competition.
Several analysts reacted by lowering their price targets, withCitigroupdowngrading the stock fromBuytoNeutral.
Among...
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