PDD Holdings stock fell after the Chinese e-commerce giant and Temu owner posted quarterly earnings below expectations early Thursday. Diluted fourth-quarter earnings were 18.53 yuan ($2.41) per American-listed share on revenue of 110.

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

U.S.-listed shares of PDD Holdings ( PDD) rose Thursday after the parent of the Temu shopping app posted a higher quarterly profit even though it missed sales estimates as Chinese consumers pulled back spending and it faced higher costs.