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 per cent.
"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. "Looking ahead, revenue growth will inevitably face pressure due to intensified competition and external challenges," said PDD's Vice President of Finance Jun Liu.
Co-CEO Chen said consumers are increasingly choosing to spend on experiences rather than material goods and there is a"growing emphasis on rational consumption".
Abbiamo riassunto questa notizia in modo che tu possa leggerla velocemente. Se sei interessato alla notizia puoi leggere il testo completo qui. Leggi di più: