[PDD's shares just spiked](https://www.marketwatch.com/story/temu-owners-shares-rise-as-results-beat-estimates-despite-tumbling-profits-18cf74ea?mod=mw_rss_topstories) on Q2 earnings despite a revenue growth rate of -4.0% YoY and net income declining YoY. Beat estimates means the consensus was *even darker* than the actual misfire. That's not bullish—that's a reversion to a depressed baseline.

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