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.

PDD Holdings Inc. posted better-than-expected results after China’s government ramped up stimulus to galvanize consumers and offset the economic fallout from US tariffs.

PDD stock slipped even after the Temu parent beat earnings expectations. JD.com also reported a beat earlier this month. Alibaba is expected to report later this week.