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.

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.