RTTNews | Nov 26, 2021 10:06AM EST

10:06 Friday, November 26, 2021 (RTTNews.com) - Shares of Chinese e-commerce platform Pinduoduo Inc. (PDD) are down more than 16% in the morning trade on Friday after missing the consensus estimate on its third-quarter revenue.

Total revenues in the third quarter were RMB21.506 billion or $3.338 billion, compared with RMB14,209.8 million in the same quarter of 2020. On average, 11 analysts polled by Thomson Reuters expected the company to report revenue of $4.16 billion for the quarter.

Pinduoduo reported net income of RMB1.640 billion or $254.5 million in the third quarter, compared with net loss of RMB784.7 million in the same quarter of 2020.

Earnings per ADS for the quarter was RMB1.15 or $0.18 compared with loss per ADS of RMB0.66 in the same quarter last year.

Excluding items, earnings per ADS was RMB2.18 or $0.34. The consensus estimate was for $0.02 per share.

PDD, currently at $67.75, has traded in the range of $67.52- $212.60 in the past 52 weeks.

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