By Alex Kozul-Wright

PDD Holdings stock was wavering early Wednesday after the Temu parent's fourth-quarter earnings fell short of expectations.

The e-commerce giant reported adjusted earnings of $2.53 a share on revenue of $17.7 billion -- up 12% from the same period last year. Analysts polled by FactSet had expected earnings per share of $3.03 on revenue of $18 billion.

Adjusted net income came in at $3.76 billion, a drop of 12% from the same quarter in 2024. Analysts were expecting $4.32 billion.

PDD ADRs swung between gains and losses in premarket trading. Futures tracking the S&P 500, meanwhile, were up 0.8%.

This is breaking news. Read a preview of PDD's earnings below and check back for more analysis soon.

Temu parent PDD Holdings could get a boost Wednesday as it reports earnings before the open amid easing trade tensions and China's export boom.

PDD, like other Chinese tech names, has had a challenging few months -- the stock is down around 25% over the past six months. Alibaba is down 29% over the same period, while JD.com is down 21%.

But PDD's revenue in the fourth quarter looks set to jump following a trade truce between the U.S. and China.

While Beijing lowered its annual growth target to a range of 4.5% to 5% earlier this month, exports surged 21.8% in January and February, backed by strong gains in semiconductors, cars, ships and other advanced industrial products.

China's number two leader Li Qiang also vowed to help expand the world's "trade pie" by opening up the country further, the AFP reported, citing state media.

Analysts polled by FactSet are expecting earnings per share of $3.03 on revenue of $18 billion. In the year-ago period, PDD reported revenue of $15.3 billion.

Wall Street is forecasting $12.49 a share for the full year 2026. Elsewhere, Wall Street's price target for PDD's ADRs is $149.84 -- an almost 54% upside from current levels.

Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com

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March 25, 2026 07:57 ET (11:57 GMT)

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