Synopsis
Pinduoduo, long buoyed by cost-conscious shoppers, saw growth cool as consumers reined in discretionary purchases amid broader economic uncertainty. Shares of the company fell 2% in premarket trading.Shares of the company fell 2% in premarket trading.
The shortfall underscores the extent to which China's faltering recovery and fragile household confidence are beginning to erode activity even on discount-focused platforms.
Pinduoduo, long buoyed by cost-conscious shoppers, saw growth cool as consumers reined in discretionary purchases amid broader economic uncertainty.
Net income at PDD fell about 11% to 24.5 billion yuan for the quarter, from a year earlier.
The company reported revenue of 123.9 billion yuan ($17.96 billion) for the fourth quarter, compared with analysts' average estimate of 124.4 billion yuan, according to LSEG data.
($1 = 6.8988 Chinese yuan renminbi)
