Reported about 2 months ago
PDD Holdings, the parent company of Pinduoduo, fell short of quarterly revenue expectations, reporting 97.06 billion yuan ($13.64 billion) against an estimated 100 billion yuan, leading to a 15% drop in shares. The decline is attributed to weakened consumer spending in China's fragile economy, influenced by high unemployment and a sluggish property sector. Company executives acknowledged the need for significant investments to enhance platform safety and support merchants, while recognizing the increased competition from rivals.
Source: YAHOO