EU competition authorities carried out a raid on Temu’s Irish distribution center during the week of December 1–7, 2025, after announcing the operation on December 10. The raid was part of an investigation under the European Union’s Foreign Subsidies Regulation (FSR), which allows the Commission to examine whether non‑EU governments have provided financial support that distorts competition in the internal market.
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PDD Holdings Inc. reported third‑quarter 2025 results that showed total revenue of RMB108.3 billion (US$15.2 billion), a 9% year‑over‑year increase, but a miss against consensus estimates of roughly RMB145 billion (US$15.3 billion). The shortfall reflects intensified competition in the domestic e‑commerce market and a slowdown in high‑margin core categories, which limited the company’s ability to capture additional market share. The revenue decline was offset by a 4% rise in online marketing and transaction services revenue, which helped cushion the top‑line impact.
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PDD Holdings reported that total revenue for the quarter ended September 30 2025 rose 9% year‑over‑year to RMB 108.3 billion (US$15.2 billion). The growth rate, while still positive, fell short of the consensus estimate of roughly RMB 109.3 billion (US$15.32 billion), marking a miss of about US$90 million. The shortfall reflects a moderation in demand for the company’s core e‑commerce and Temu platforms amid intensified competition and a shift in consumer spending patterns.
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