China's Pinduoduo misses quarterly revenue expectations

FILE PHOTO: The Pinduoduo logo is seen in this illustration photo taken July 17, 2018. REUTERS/Thomas White/Illustration/File Photo GLOBAL BUSINESS WEEK AHEAD

(Reuters) – Chinese e-commerce platform Pinduoduo Inc missed Wall Street expectations for quarterly revenue on Tuesday, hit by tough competition from larger rivals like Alibaba and JD.Com to tap into the pandemic-driven online shopping surge.

Total revenue was 23.05 billion yuan ($3.56 billion)in the second quarter ended June 30. Analysts on average expected revenue of 26.44 billion yuan, according to IBES data from Refinitiv.

($1 = 6.4770 Chinese yuan renminbi)

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