Shares of Pinduoduo (NASDAQ: PDD) were tumbling 12% in morning trading Friday, after the Chinese social e-commerce platform reported second-quarter results that fell short of analyst forecasts.
While the e-commerce site that allows shoppers to include their social media contacts to form "shopping teams" beat Wall Street's bottom-line expectations, top-line figures missed.
Pinduoduo said sales soared 67% to 12.2 billion yuan, or about $1.7 billion, but that was below projections of almost CNY 12.8 billion.
Source Fool.com