Why Temu Owner PDD Holding Plunged 32.1% This Week
PDD(PDD) The Motley Fool·2024-08-30 17:17A focus on growth over profit didn't help PDD's stock this week.Shares of PDD Holdings (PDD 2.29%), which owns the popular online marketplace Temu, fell as much as 32.9% in trading this week, according to data provided by S&P Global Market Intelligence. The company reported earnings that showed an astounding 86% increase in revenue, but the biggest news was management saying the focus would be on growth, not profits, in the future.PDD's prioritiesSecond-quarter 2024 revenue jumped 86% to $13.6 billion, and ...