PDD's Q3 2025 revenue rose 9% to $15.2B, beating earnings estimates but missing revenue forecasts, causing its stock to drop amid growth concerns and rising competition.

PDD Holdings reported third-quarter 2025 results showing 9% revenue growth to $15.2 billion, slightly below estimates, and adjusted earnings per ADS of $2.96, above expectations. Despite profit beating forecasts, the stock dropped 3.3%–4% in premarket trading due to concerns over slowing revenue growth, rising costs, and intensified competition in China and global markets. Temu faces challenges from the end of the U.S. de minimis exemption and increased regulatory scrutiny in Europe and France, while PDD’s domestic business contends with weak consumer sentiment. The company warned of ongoing financial volatility amid continued investments in platform sustainability and merchant support.