Why PDD Holdings Stock Slipped 13.6% This Week
Shares of PDD Holdings (NASDAQ: PDD) fell 13.6% this week, according to data from S&P Global Market Intelligence. A Chinese technology giant that owns the e-commerce website Temu and its homegrown Pinduoduo online shopping platform, it reported earnings for the third quarter this week that disappointed investors. The company keeps growing revenue but is facing cost pressures due to rising competitiveness, both in the United States and China.
Here's why shares of PDD Holdings slipped this week, and whether investors should buy the dip on the stock right now.
PDD Holdings has quickly turned into one of the world's largest e-commerce companies after being founded just 10 years ago. Over the last twelve months, the company has generated close to $60 billion in revenue, up from a fraction of that level 5-10 years ago.
Source Fool.com
