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Chinese e-commerce platform Pinduoduo slides 19% in pre-market trade after revenue miss

November 27, 2021
Source: srnnews.com srnnews.com
News Snapshot:
Enlarge BEIJING (Reuters) -Shares in Chinese e-commerce platform Pinduoduo Inc plunged as much as 19% in pre-market U.S. trade on Friday after the company missed quarterly revenue expectations as new coronavirus outbreaks hit consumer spending. Shares of Shanghai-based Pinduoduo had already fallen nearly 54% this year as of Thursday’s close 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. New clusters...
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