Chinese e-commerce platform Pinduoduo slides 19per cent in pre-market trade after revenue miss

BEIJING :Shares in Chinese e-commerce platform Pinduoduo Inc plunged 19per cent in pre-market U.S. trade on Friday after the company missed quarterly revenue expectations as new outbreaks of the coronavirus hit consumer spending.

Pinduoduo reported total revenue of 21.51 billion yuan for the third quarter, below analysts' average estimate of 26.59 billion yuan, according to IBES data from Refinitiv. Chief Executive Chen Lei said on an earnings call that the company would focus more on investing in R&D."This is a significant shift in strategy from our first five years when we were focusing much more on sales and marketing," he said.

Meanwhile, Chinese food delivery giant Meituan reported a fourth consecutive quarterly loss on Friday, as it ploughed more investments into expanding its various businesses.

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