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2024-11-22 10:09:24
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2024-11-22 10:09:24Event JSON
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"PDD Holdings Inc.'s shares fell sharply after the company warned that its profitability will decline over time due to intensifying competition in its home market of China. The company's quarterly sales and profit missed estimates, highlighting concerns that China's slowdown is affecting its biggest tech companies more than expected. PDD's struggles in China are attributed to a lack of expertise among its team and the company's inability to keep up with rivals. Despite a thriving overseas business, PDD's Chinese consumer spending is anemic, and the company is grappling with a consumer and merchant backlash."
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