On May 27, PDD Holdings fell 9.49% in regular trading, trading at $86.58/share, with trading volume of $540 million.

On the news front, PDD Holdings released its Q1 earnings report showing total revenue of 106.23 billion RMB, up 11% year-over-year but below the market consensus estimate of approximately 109.8 billion RMB. Non-GAAP diluted earnings per ADS came in at 9.51 RMB, sharply missing the analyst estimate of 16.56 RMB. Net profit attributable to shareholders was 12.5 billion RMB, down 15% year-over-year. Adjusted net profit declined 17% from the prior-year period.

Management attributed the profit decline to sustained investment in its multi-billion-yuan merchant support initiative and heavy spending on supply chain transformation. The company stated this marks the first year of its three-year strategic restructuring plan, signaling continued resource allocation toward proprietary brands and supply chain upgrades, with near-term earnings pressure expected to persist.

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