PDD Holdings reported $15.4 billion in Q1 revenue, falling short of the $15.9 billion consensus as earnings per share hit $1.38 versus $2.23 expected.
PDD Holdings Inc (NASDAQ:PDD) shares declined nearly 11% after first-quarter results missed analyst expectations. Revenue rose 11% year-on-year to $15.4 billion, below the $15.9 billion consensus, while non-GAAP net profit fell short of forecasts.
Earnings per share reached $1.38, compared to the $2.23 estimate. Transaction services revenue grew 20%, but online marketing revenue lagged with just 2.5% growth. Gross margins stood at 55.9%.
Despite the miss, PDD announced a $15.4 billion merchant support program over three years to bolster its supply chain and first-party brand business.