Temu-Owner PDD’s Shares Slide After Sales Miss Estimates (1)

PDD Holding Inc.’s shares fell more than 9% in pre-market US trading on Wednesday after its first-quarter revenue missed expectations partly due to fierce domestic competition and weak consumer sentiment in China.

Sales rose 11% to 106 billion yuan ($15.6 billion) in the quarter, the company said in a statement. That compared to the average analyst estimate of about 109 billion yuan, according to data compiled by Bloomberg. Net income plunged 15% to 12.5 billion yuan.

PDD became a leading player in China’s e-commerce arena by selling cheaper products to smaller cities and rural locations where more people order ...