PDD Holdings shares slide after revenue and profit miss

PDD Holdings Inc (NASDAQ:PDD) shares fell nearly 11% on Wednesday after the Chinese e-commerce giant reported first-quarter revenue and profit that came in well below analyst expectations, even as the company unveiled an ambitious three-year supply chain investment program. Total revenue for the quarter grew 11% year-on-year to RMB106.2 billion ($15.4 billion), missing consensus estimates of $15.9 billion by approximately 2.2%.