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, the parent company of e-commerce platform Temu, released its unaudited fourth-quarter financial results on Thursday, reporting total revenue of RMB

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