Chinese e-commerce firm PDD Holdings PDD.O saw first-quarter net profit fall 47% to 14.74 billion yuan ($2.05 billion) as its domestic platform suffered from intense local competition and its international business was hit by global trade uncertainty.

PDD Holdings, the Chinese parent of popular bargain online seller Temu, said its profit dropped nearly 50% in the first quarter, as a drastically different tariff environment in the U.S. added to challenges at home.

PDD Holdings, the Chinese owner of online shopping platform Temu, has reported a near 50% drop in profit as US President Donald Trump's trade policies added to its struggles in its home country.