Pinduoduo Stock Tumbles After Mixed Earning Report

What’s New: Chinese e-commerce site Pinduoduo reported mixed second-quarter results Friday with a narrower net loss as revenue missed estimates.

Pinduoduo shares fell 12% to $85.27 by early afternoon in New York on the Nasdaq stock exchange.

Pinduoduo reported revenue of 12.2 billion yuan ($1.76 billion) for the quarter ended in June, up 67% year-on-year but lower than Wall Street estimates. The net loss for the quarter narrowed to 77 million yuan under non-GAAP standards, compared with a loss of 411 million yuan a year ago and the smallest net loss since the company’s public listing in 2018.

More to know: Shanghai-based Pinduoduo runs the third-largest e-commerce platform in China by gross merchandise volume (GMV). In the 12 months through June 30, GMV was 1.3 trillion yuan, up 79% year-on-year.

The number of annual active buyers rose 41% to 683 million for the 12 months ended in June, Pinduoduo said.

The company said it would pursue more strategic investments and partnerships to accelerate the digitization of the agriculture supply chain.

Quick Takes are condensed versions of China-related stories for fast news you can use.

Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com).

Support quality journalism in China. Subscribe to Caixin Global starting at $0.99.