CHINA'S PDD Holdings missed market estimates for quarterly revenue on Monday, as frail consumer spending dented business at its domestic e-commerce platform Pinduoduo, sending the company's shares down nearly 14 percent in premarket trading.
CHINA'S PDD Holdings missed market estimates for quarterly revenue on Monday, as frail consumer spending dented business at its domestic e-commerce platform Pinduoduo, sending the company's shares down nearly 14 percent in premarket trading.Chinese consumers have kept a tight rein on their spending, spooked by a fragile economy, persistent weakness in the property sector and high unemployment rates, hurting the country's retail and e-commerce sectors.
While Pinduoduo's low prices and steep discounts on everything from groceries to earphones have attracted cost-conscious shoppers, the company has been under pressure from major rivals ramping up shopping deals on their own platforms.'Looking ahead, revenue growth will inevitably face pressure due to intensified competition and external challenges... Profitability will also likely be impacted as we continue to invest resolutely,' said Jun Liu, vice president of finance at PDD.
Owner Misses Quarterly Revenue Estimates
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