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00:02PDD Holdings reported better-than-expected second-quarter profit
00:06as the Temu owner faced intense competition and growing regulatory pressure,
00:10according to the Wall Street Journal.
00:12The company reported second-quarter net profit of $4.04 billion,
00:17down 12% from a year earlier but above expectations,
00:20while revenue rose 8.1% and came in below forecasts.
00:24PDD has increased support for merchants as live streaming and social commerce platforms
00:28challenge traditional e-commerce companies in China.
00:31The company is also facing regulatory scrutiny overseas.
00:35Temu was recently fined more than $230 million in the European Union
00:40over risks that consumers could encounter illegal products on its platform.
00:44Temu rival Shane is also facing regulatory pressure in the U.S. and E.U.
00:48while struggling with slowing sales.
00:50Shares remain more than 20% lower this year.
00:53For all things money, visit Benzinga.com.
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