Pinduoduo (PDD) Misses Q3 EPS by 20c, Revenues Miss
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China's Pinduoduo suffers $11 billion slump in value after big loss
November 20, 2019 5:31 AM ESTBy Akanksha Rana and Sophie Yu
(Reuters) - Chinese e-commerce firm Pinduoduo posted a much wider-than-expected quarterly loss as it fought bigger rivals with heavy subsidies, driving its shares down by nearly a quarter and wiping almost $11 billion off its value on Wednesday.
Pinduoduo's operating costs more than doubled in the third quarter ended Sept. 30 as the company pursued a strategy of wooing wealthier consumers in big cities while maintaining its lead in less urban towns.
That has pitched the four-year old startup against deep-pocketed incumbents such as Alibaba and JD.com, who are aggressively expanding in rural... More
