Pinduoduo’s shares fell 15 per cent in early trading as the fast-growing Chinese ecommerce group reported disappointing revenue growth in the third quarter.
The Shanghai-based company said revenue grew 51 per cent year on year to Rmb21.5bn ($3.3bn) in the quarter ended September 30, but total sales came in below the level reported in the first and second quarter.
Pinduoduo’s “top-line growth missed [expectations] by a material margin”, said Robin Zhu, of Bernstein, noting the company had also spent far less than it had previously to attract users.
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