PDD Holdings reported first-quarter revenue of 106.2 billion yuan ($15.4 billion) for the period ending March 31, 2026. This 11% year-over-year growth fell short of the 109.8 billion yuan consensus estimate.
Net profit attributable to shareholders declined 15% to 12.5 billion yuan ($1.85 billion). This result was significantly lower than the 22.8 billion yuan analysts had forecast.
The company cited fierce domestic competition and rising regulatory pressures as primary drivers for the performance. Chinese regulators recently fined PDD 1.5 billion yuan over food vendor verification issues. Management is currently investing in initiatives to support merchants within a challenging Chinese market environment.