Caixin
Mar 22, 2022 04:39 AM
BUSINESS

Pinduoduo Sales Miss Estimates Amid China Slowdown

(Bloomberg) — Pinduoduo Inc. reported revenue that missed estimates, the third straight quarter it’s disappointed investors after China’s economic slowdown sapped online consumption.

Sales for the December quarter inched 3% higher to 27.2 billion yuan ($4.3 billion), Pinduoduo reported Monday. That fell short of the 30 billion yuan analysts expected on average and represents by far the slowest rate of growth since the company went public in 2018. It swung to net income of 6.6 billion yuan from a loss previously, thanks to a sharp reduction in costs and a one-off rebate from a service provider that it did not specify.

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