P DD Holdings stock was slipping after the parent company of retailer Temu reported quarterly earnings way ahead of expectations early Monday. PDD’s American depositary receipts were down 2.9% to $123.50 before the market opened. They initially rose 11% just after the company reported results.

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.