E-commerce company PDD Holdings , which operates low-cost platforms Pinduoduo in China and Temu internationally, beat quarterly revenue estimates on Monday, although net profit fell due to investments to ward off growing competition.

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.