The Tax Man Comes For Fast Fashion, Part 3: The U.S. Leads The Way

Temu’s parent company, PDD Holdings, has had a rough several weeks.

In August the company’s stock price plunged nearly 30 percent after its second-quarter earnings fell short of analysts’ expectations. Despite this, PDD is performing astonishingly well in the market, making the steep sell-off a bit surprising. In the second quarter, PDD earned $13.6 billion in revenue — an 86 percent jump over its same-period earnings from the previous year, the company reported. PDD should be celebrating, but instead it is assuaging the nerves of Wall Street analysts who had forecast an overly optimistic $14 billion for the quarter, according to CNBC. Read more at Forbes