Temu-Owner PDD Quickens Growth After US Business Steadies

PDD Holdings Inc.’s revenue growth accelerated during the holiday quarter, suggesting its global Temu business is stabilizing after the US scrapped a key tax loophole that drove its initial expansion into foreign markets.

The company on Wednesday posted a 12% gain in sales to 123.9 billion yuan ($18 billion) during the December quarter, in line with expectations of a quickening from single-digits in prior quarters. Net income however slid 11% to 24.5 billion yuan, falling about 16% short of the average analysts’ estimate.