HONG KONG — Shares of PDD Holdings, the parent company of Chinese international online retailer Temu, plummeted more than 18% in premarket trading in New York, after its first quarter sales fell short of expectations.
Total revenue in the Janu to March quarter rose 10% on the year to 95.67 billion yuan ($13.2 billion), markedly below the average estimate of 102.51 billion yuan by analysts surveyed by LSEG.
