By Callum Keown

PDD stock was falling 5% ahead of the open Wednesday after the Temu parent missed earnings and revenue estimates in the first quarter.

The Chinese company reported revenue of 106.2 billion yuan ($15.4 billion), an 11% jump from a year ago but below analysts' estimates of 109.8 billion yuan, according to FactSet.

Adjusted earnings per American depositary share of 9.51 yuan ($1.38) also came in below the Wall Street consensus of 16.56 yuan.

"This quarter marks the start of deep transformations in our business, our internal processes and our organization," Co-CEO Lei Chen said.

"As we head into the next decade of our journey, supply chain investments will be our core strategic priority," fellow Co-CEO Jiazhen Zhao said.

Heading into earnings, the shares were down 15% so far this year and 6% lower over the past 12 months.

Write to Callum Keown at callum.keown@dowjones.com

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May 27, 2026 07:10 ET (11:10 GMT)

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