Why Pinduoduo Stock Crashed by 10% This Morning
Shares of Chinese "mobile only" e-commerce site Pinduoduo (NASDAQ: PDD) were down by 10.8% as of 11:53 a.m. EDT Wednesday after the retailer reported its fourth-quarter earnings results.
Expected to earn $0.01 per American Depositary Share (ADS), pro forma, on sales of nearly $3 billion for the quarter, Pinduoduo instead lost money -- $0.02 per ADS -- despite doing nearly $4.1 billion in sales.
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Source Fool.com
