Chinese e-commerce platform Pinduoduo slumps after revenue miss – Reuters
Summary
The Pinduoduo logo is seen in this illustration photo taken July 17, 2018. REUTERS/Thomas White/Illustration
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The Pinduoduo logo is seen in this illustration photo taken July 17, 2018. REUTERS/Thomas White/Illustration
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BEIJING, Nov 26 (Reuters) – U.S.-listed shares of Pinduoduo Inc (PDD.O) plunged as much as 18% in early trading on Friday after the Chinese e-commerce platform missed quarterly revenue expectations as new coronavirus outbreaks hit consumer spending.
Shares of Shanghai-based Pinduoduo had already fallen nearly 54% this year as Chinese authorities clamped down on large tech companies to keep a check on monopolistic practices and protect personal data.
Pinduoduo reported total revenue of 21.51 billion yuan ($3.37 billion) for the third quarter, below analysts’ average estimate of 26.59 billion yuan, according to IBES data from Refinitiv.
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New clusters of COVID-19 outbreaks in China have prompted consumers to become more cautious about spending.
Chief Executive Chen Lei said on an earnings call the company would focus more on investing in research and development. “This is a significant shift …….
Source: https://www.reuters.com/markets/europe/pinduoduo-misses-quarterly-revenue-estimates-2021-11-26/