Shares of Temu parent company PDD plunges almost 29%; 'too large a correction', says analyst

Rein was of the view that "panic was overblown last night," and that this would be a good opportunity for investors to buy into the stock.

PDD reported operating profit of 32.56 billion yuan, surging 156% from a year ago, while attributable income jumped 144% year on year to 32.01 billion yuan. Lei Chen, chairman and co-CEO of PDD, wrote in the earnings release that "While encouraged by the solid progress we made in the past few quarters, we see many challenges ahead."

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China's PDD suffers $40 billion market cap wipeout after flagging an uncertain marketChina's PDD suffers $40 billion market cap wipeout after flagging an uncertain market
Source: Investingcom - 🏆 450. / 53 Read more »

Stocks making the biggest moves midday: PDD Holdings, Icahn Enterprises, SolarEdge and moreSeveral stocks saw large declines on Monday even as the Dow hit a record high.
Source: CNBC - 🏆 12. / 72 Read more »

Stocks making the biggest moves premarket: PDD Holdings, Boeing, Planet Fitness and moreThese are the stocks posting the largest moves in premarket trading.
Source: CNBC - 🏆 12. / 72 Read more »