(Reuters) -Chinese e-commerce platform Pinduoduo Inc posted quarterly revenue that missed market estimates on Friday, hurt by stiff competition from rivals Alibaba and JD.com Inc amid the pandemic-driven online shopping boom.
Shares of the Shanghai-based company, down nearly 54% this year, fell 6.5% in premarket trading.
Vaccinations and the easing of curbs have also led to a rebound in shoppers visiting brick-and-mortar stores, eating into sales of e-commerce firms that saw a boom during the start of the pandemic.
Pinduoduo’s results come as Chinese authorities increasingly crack down on large tech companies including Alibaba and Tencent to keep a check on monopolistic practices.
Total revenue was 21.51 billion yuan ($3.37 billion)in the third quarter, below analysts’ average estimate of 26.59 billion yuan, according to IBES data from Refinitiv.
Net income attributable to ordinary shareholders was 1.64 billion yuan during the quarter ended Sept. 30, compared with a loss of 784.71 million yuan a year earlier.
($1 = 6.3880 Chinese yuan renminbi)
(Reporting by Tiyashi Datta in Bengaluru and Sophie Yu in Beijing; Editing by Vinay Dwivedi and Ramakrishnan M.)
