China's Pinduoduo operating loss widens, U.S. shares set to slide

) reported a bigger second quarter operating loss as it grappled with pandemic-related costs, while sales also disappointed, sending its U.S.-listed shares down nearly 13% before Friday’s Wall Street bell.

Pinduoduo’s second quarter operating loss widened to 1.64 billion yuan from 1.49 billion yuan a year earlier as the cost of maintaining its cloud services and call centre operations during the COVID-19 pandemic rose. “In Q2 this year we observed consumers’ spending to be more value conscious,” he said. “Users tend to associate Pinduoduo as their go-to platform for great savings everyday, so we also tend to have less of a concentrated spike in GMV and user activity around shopping promotions.”

Liu said the company would continue to closely monitor the situation regarding the United States and was prepared to work with the relevant regulators there and in China to address any concerns.

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