The Chinese owner of bargain-shopping app Temu reported a smaller-than-expected profit decline in 2Q despite revenue growth hitting a three-and-a-half-year low as tariffs and increased support for domestic merchants weighed on profitability.

By Deborah Mary Sophia and Casey Hall (Reuters) -E-commerce company PDD Holdings, which operates low-cost platforms Pinduoduo in China and Temu internationally, beat quarterly revenue estimates on Monday,

PDD Holdings Monday posted second-quarter results that overshot analysts’ estimates even as the parent of the Temu shopping site was hit during the period by the end of a key U.S. tariff exemption.