11:13 AM EDT, 08/26/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and the first paragraph.)

PDD Holdings' ( PDD ) shares were down nearly 28% in recent Monday trading after the company reported Q2 non-GAAP earnings of 23.24 Chinese renminbi ($3.20) per diluted American depositary share, up from 10.47 renminbi a year earlier.

Analysts polled by Capital IQ expected 20.02 renminbi.

Revenue for the quarter ended June 30 was 97.06 billion renminbi, up from 52.28 billion renminbi a year earlier.

Analysts surveyed by Capital IQ expected 100.09 billion renminbi.

Price: 101.09, Change: -38.78, Percent Change: -27.73