Pinduoduo Falls 20% On Q3 Earnings Miss

Pinduoduo PDD shares are trading sharply lower on Wednesday after the company reported worse-than-expected third-quarter EPS and sales results.

The company reported quarterly losses of 20 cents per share, which missed the analyst consensus estimate of an 8-cent loss by 150%.

See Also: Alibaba, JD.com Post Record Singles Day Sales

The company reported quarterly sales of $1.051 billion, which missed the analyst consensus estimate of $1.06 billion by 0.85%.

Pinduoduo shares were trading trading down 22.37% at $31.61 in Wednesday’s pre-market session. The stock has a 52-week high of $45.25 and a 52-week low of $18.46.