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.

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 at a slower-than-expected pace of 24% after intensifying domestic competition and US tariffs crimped its expansion.