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Nov. 20, 2019, 8:36 a.m. EST

Pinduoduo stock sinks on heavy volume after earnings

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By Emily Bary

SPX

Pinduoduo Inc.'s American depositary shares are tumbling 22% in premarket trading Wednesday after the Chinese internet company reported disappointing earnings. Jefferies analyst Thomas Chong highlighted the company's RMB1.67 billion ($232.3 million) adjusted net loss, compared with an adjusted net loss of RMB618.9 million in the year-ago quarter. Pinduoduo came in far short of the consensus on this metric in its latest report, as analysts surveyed by FactSet had been projecting a loss of RMB694.1 million. The company reported RMB7.51 billion in third-quarter revenue, up from RMB3.37 billion a year prior, while analysts had been forecasting RMB7.55 billion. As of Tuesday's close, the shares were up 81% on the year, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.30% was up 24%.

/zigman2/quotes/210599714/realtime
US : S&P US
3,246.59
+9.67 +0.30%
Volume: 2.37B
Sept. 24, 2020 4:16p
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