PDD Holdings, the parent company of discount retailer Temu, reports weaker earnings but beats Wall Street expectations, and its shares rise. In results for the three months ended June 30, the company’s net profits fall 12% year over year, yet the decline is smaller than what analysts were forecasting.
Both outlets cite net income of about $4 billion for the quarter and note that expectations call for a steeper drop. MarketWatch emphasizes the stock reaction and the fact that the results top consensus estimates, while Quartz focuses more specifically on the gap between the reported decline and analyst expectations. Neither report indicates a change to the underlying trend of falling profits; instead, they highlight that the company’s performance is better than anticipated based on consensus figures.
