Pinduoduo Shares Dip as Earnings Disappoint

What’s new: Nasdaq-listed shares of Pinduoduo Inc. plunged 16% on Friday as the e-commerce giant reported lower-than-expected growth in revenue and buyers.

Revenue in the quarter ended Sept. 30 grew 51% year-on-year to 21.5 billion yuan ($3.37 billion), according to a press release, missing analysts’ average estimates of 26.6 billion yuan and marking its slowest quarter of growth this year.