Temu-Owner PDD Slides Most in a Year After Sales Miss Estimates

PDD Holding Inc.’s shares suffered their worst drop in a year after the company’s first-quarter revenue missed expectations in part 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 on Wednesday. Analysts, on average, were expecting about 109 billion yuan, according to data compiled by Bloomberg. Net income plunged 15% to 12.5 billion yuan.

The shares fell 10% in New York to close at $86.61, their biggest single-day decline since May 27, 2025.

PDD became a leading player in ...