PDD Holdings, which owns budget e-commerce apps Pinduoduo and Temu, on Monday posted RMB 39.82 billion ($5.77 billion) in revenue for the fourth quarter of 2022. This represents a 46% increase compared to the same period in 2021, but still fell short of market expectations, sending the company’s Nasdaq-listed shares down over 14% at Monday’s close. Rivals Alibaba and JD recorded single-digit revenue growth in the quarter that ended Dec. 31. PDD’s net income rose 43% year-on-year to RMB 9.45 billion. The Shanghai-based company’s total annual R&D expenses for 2022 exceeded RMB 10 billion for the first time, up 15% year-on-year, the latest filings show. In an earnings call, the company’s vice president of finance, Liu Jun, said PDD offered “various types of promotions and subsidies” between September and December, reflected in a 56% increase in sales and marketing expenses for the period. Talking about fast-growing international e-commerce platform Temu, Liu stated that it was still in its “early stage,” and had a relatively small impact on the firm’s overall Q4 earnings. [PDD statement]