Temu group warns on ‘inevitable’ profit decline as results miss analyst expectations
Temu’s owner, PDD Holdings, has warned of an “inevitable” reduction in profitability as the group reports slow growth and rising competition.
In its results for the second quarter ending June 30, the Shanghai-based company reported ¥97bn (£10bn) in revenue, up 86% year on year. However, this missed analysts’ expectations.
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