Temu Parent PDD Stock Sinks on Worse-Than-Expected Q2 Sales

KEY TAKEAWAYSAmerican depositary receipts (ADRs) of Chinese e-commerce company PDD Holdings are plunging in premarket trading Monday after the parent of discount marketplace Temu posted lower-than-estimated sales.PDD reported second-quarter sales of 97.06 billion yuan ($13.63 billion), below consensus estimates of analysts polled by Visible Alpha.PDD chairman and co-CEO Lei Chen said the company faces "many challenges ahead." American depositary receipts (ADRs) of Chinese e-commerce company PDD Holdings (PD ...