China's Pinduoduo Inc reported a bigger-than-expected quarterly loss on Wed...
FILE PHOTO: People are seen at their desks at the headquarters of Chinese online group discounter Pinduoduo in Shanghai, China July 25, 2018. REUTERS/Stringer/File Photo
Founded in 2015, Pinduoduo offers consumers deeper discounts on mostly generic products if they buy in groups, and encourages them to share purchases through messaging app WeChat, a dominant messaging service in China. Operating expenses of Pinduoduo more than doubled to 8.47 billion yuan in the quarter as sales and marketing costs surged 114%.
Net loss attributable to ordinary shareholders widened to 2.34 billion yuan in the quarter ended Sept. 30, from 1.1 billion yuan a year earlier.
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