Pinduoduo Owner’s Revenue Falls Short on Weak China Consumer Spending

PDD Holdings Inc, which owns discount e-commerce platforms Pinduoduo and Temu, missed expectations on Monday for fourth-quarter revenue as China’s post-reopening consumer recovery remains patchy.

US-listed shares of PDD Holdings fell as much as 13.9 percent in premarket trading.

PDD reported revenue of 39.82 billion yuan ($5.79 billion) for the quarter ended Dec. 31, up 46 percent year-on-year, but this fell short of estimates for 41.01…