By Sam Boughedda
Investing.com -- Pinduoduo (NASDAQ:PDD) announced its fourth-quarter and full-year earnings, sending its shares down 8% on Monday.
Fourth-quarter earnings saw revenue reach $4.2 billion, an increase of just 3% compared to the prior year's quarter. The company missed analyst expectations and experienced its slowest growth rate since going public.
The technology platform reported that average monthly active users increased by 2% to 733.4 million. In addition, active buyers were 868.7 million, increasing 10%.
"In 2021, we made the strategic shift from sales and marketing toward research and development," said Lei Chen, chairman and CEO of Pinduoduo. "We see ourselves making more long-term investment, especially in agriculture and R&D."
Chen also commented on the reinvestment of its profits toward the "10 Billion Agriculture Initiative to deepen our digital inclusion efforts in agriculture."
For the full year, the company reported revenue of $14.74 billion, an increase of 58% compared to 2020. Revenue from online marketing services represented the most significant slice of its revenue at $11.3 billion.
Chinese stocks has struggled with Beijing's ongoing tech crackdown in 2022. Pinduoduo shares are down 33% so far this year.