:Chinese e-commerce platform Pinduoduo Inc posted quarterly revenue that missed market estimates on Friday as the appetite for online shopping diminished with vaccinations and relaxed curbs aiding the reopening of the economy.
With more shoppers returning to brick-and-mortar stores, online sales have slowed down after a boom at the start of the pandemic. Chinese authorities have also increasingly clamped down on large tech companies to keep a check on monopolistic practices. Chinese shoppers have also become more cautious about spending as COVID-19 outbreak clusters, as well as supply disruptions, hampered the country's economic growth in the third quarter.
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