AsianFin -- PDD Holdings, the Chinese e-commerce giant and owner of Temu and Pinduoduo, fell short of Wall Street revenue expectations for the first quarter, as weak domestic consumer sentiment and global trade uncertainty weighed on performance.

Shares of the U.S.-listed company tumbled more than 15% in premarket trading following the results.

Despite aggressive price-cutting by retailers and government efforts to stimulate spending, China's prolonged property crisis continues to dampen consumer confidence. Even Pinduoduo—known for its ultra-low-price strategy and relative resilience—has not been immune.

The earnings miss underscores the intensifying competition among China’s top e-commerce platforms—Alibaba, JD.com, and Pinduoduo—as they battle for market share amid a sluggish economic backdrop. The resulting price war has eroded margins and made it harder for platforms to deliver top-line growth.

Alibaba also reported weaker-than-expected quarterly revenue, while JD.com managed to beat estimates, thanks to a government-backed trade-in program that boosted sales in its core categories like electronics and home appliances.