China’s Pinduoduo misses quarterly revenue expectations
(Reuters) – Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.
Total revenue was 23.05 billion yuan ($3.56 billion)in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.
($1 = 6.4770 Chinese yuan renminbi)
(Reporting by Chavi Mehta in Bengaluru; Editing by Ramakrishnan M.)