China's PDD suffers $40 billion market cap wipeout after flagging an uncertain market

  • 📰 Investingcom
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 53%

Business News News

Business Business Latest News,Business Business Headlines

China's PDD suffers $40 billion market cap wipeout after flagging an uncertain market

-China's PDD Holdings missed market estimates for quarterly revenue on Monday, and downbeat comments from executives about China's domestic e-commerce competition and the firm's global outlook sent its shares down more than 28%.

"We will enter a new phase of high-quality development that calls for increased investments and our profitability will be affected as a result," he added. UBS analyst Kenneth Fong said that while Pinduoduo was performing well, with good growth and profitability in spite of the highly competitive domestic e-commerce environment, management's tone was confusing for investors.

Chinese e-commerce giant Alibaba missed market estimates for revenue earlier this month, pinched by weaker domestic e-commerce sales, while JD.com's quarterly revenue grew only 1.2%.PDD reported revenue of 97.06 billion yuan in the second quarter, compared with analysts' average estimate of 100 billion yuan, according to LSEG data.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 450. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines