Shares in PDD Holdings fell on Thursday after it missed revenue estimates and warned about “intensified competition”, as it became the latest Chinese technology giant to be hit by the country’s economic slowdown.
The owner of ecommerce apps Pinduoduo and Temu reported sales of Rmb99.4bn ($13.7bn) in the third quarter, a 44 per cent increase from the previous year, but below the Rmb102.8bn estimated by analysts.
Net income rose 61 per cent to Rmb25bn in the same period, but it reported an adjusted profit of Rmb18.6 per American depositary share, missing analysts’ estimates. Shares fell nearly 9 per cent in morning trading on Thursday.
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