Chinese e-commerce firm PDD Holdings PDD.O saw first-quarter net profit fall 47% to 14.74 billion yuan ($2.05 billion) as its domestic platform suffered from intense local competition and its international business was hit by global trade uncertainty.

Shares of PDD Holdings are sinking Tuesday after the parent of the Temu shopping site posted first-quarter results that widely undershot analysts’ estimates as the Chinese company grapples with the trade war.

Chinese e-commerce firm PDD Holdings saw first-quarter net profit fall 47% to 14.74 billion yuan ($2.05 billion) as its domestic platform suffered from intense local competition and its international business was hit by global trade uncertainty.