Pinduoduo Stock Gets Crushed. Sales Miss Estimates.
U.S.-listed shares of Pinduoduo plummeted Friday after the Chinese e-commerce company reported third-quarter sales much lower than Wall Street expectations.
Revenue of 21.51 billion yuan ($3.37 billion) missed expectations of $4.04 billion.
Adjusted earnings were 2.18 yuan, or 34 cents per American depositary share, up from 33 cents in the…