PDD Holdings , which operates e-commerce platforms Pinduoduo and Temu, missed market estimates for quarterly revenue on Thursday, as demand remained weak in China despite deep discounts and government stimulus to boost spending.

PDD Holdings Inc.’s revenue grew at a slower-than-expected pace of 24% after intensifying domestic competition and US tariffs crimped its expansion.

Key Takeaways PDD Holdings reported higher income even as revenue growth wasn't as strong as expected.The company was negatively impacted by a pullback in spending by Chinese consumers, and also higher costs of revenue and operating expenses.