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Pinduoduo Misses Quarterly Revenue Estimates | Technology News

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Pinduoduo Misses Quarterly Revenue Estimates | Technology News

(Reuters) -Chinese e-commerce platform Pinduoduo Inc posted quarterly income that missed market estimates on Friday, harm by stiff competitors from rivals Alibaba and JD.com Inc amid the pandemic-driven on-line buying growth.

Shares of the Shanghai-based firm, down practically 54% this 12 months, fell 6.5% in premarket buying and selling.

Vaccinations and the easing of curbs have additionally led to a rebound in buyers visiting brick-and-mortar shops, consuming into gross sales of e-commerce corporations that noticed a growth through the begin of the pandemic.

Pinduoduo’s outcomes come as Chinese authorities more and more crack down on giant tech firms together with Alibaba and Tencent to maintain a examine on monopolistic practices.

Total income was 21.51 billion yuan ($3.37 billion)within the third quarter, beneath analysts’ common estimate of 26.59 billion yuan, based on IBES information from Refinitiv.

Net earnings attributable to strange shareholders was 1.64 billion yuan through the quarter ended Sept. 30, in contrast with a lack of 784.71 million yuan a 12 months earlier.

($1 = 6.3880 Chinese yuan renminbi)

(Reporting by Tiyashi Datta in Bengaluru and Sophie Yu in Beijing; Editing by Vinay Dwivedi and Ramakrishnan M.)

Copyright 2021 Thomson Reuters.

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