PDD Shares Plunge 18% After Temu’s Revenue Disappoints

(Bloomberg) — PDD Holdings Inc.’s shares dived 18% after the Temu owner posted disappointing revenue results and warned of declining growth, highlighting the challenge of maintaining expansion while facing intense competition.

The stock slid during pre-market trading in New York after the Chinese-owned e-commerce platform reported revenue of 97.1 billion yuan ($13.6 billion) in the June quarter, against the average analyst estimate of 100 billion yuan. Net income was 32 billion yuan, compared with a projected 27.5 billion yuan.