PDD Holdings stock jumped after the parent company of retailer Temu reported quarterly earnings way ahead of expectations early Monday. Second-quarter adjusted earnings came in at $3.08 a share on revenue of $14.5 billion, beating expectations of $2.17 a share on revenue of $14.3 billion, according to FactSet.

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.

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.