The parent company behind Temu disappointed investors with revenue that missed estimates, as consumer activity in China remains sluggish.

PDD Holdings Inc.’s revenue grew a less-than-anticipated 24% after intensifying domestic competition and US tariffs crimped its expansion.

The Chinese owner of bargain app Temu reported slower quarterly profit and revenue growth, capping a turbulent year for the e-commerce giant as it faced stiff competition at home, geopolitical tensions abroad and U.