PDD Holdings (PDD) reported Q1 non-GAAP earnings Wednesday of 9.51 Chinese renminbi ($1.38) per diluted American depositary share, down from 11.41 renminbi a year earlier.

Analysts polled by FactSet expected 16.56 renminbi.

Revenue for the quarter ended March 31 was 106.23 billion renminbi, compared with 95.67 billion renminbi a year earlier.

Analysts polled by FactSet expected 109.82 billion renminbi.

Shares down more than 4% in Wednesday's premarket activity.