Labubu-maker Pop Mart's shares extend declines as third-quarter sales plunge

Shares of Chinese toymaker Pop Mart , known for its popular Labubu dolls, added to their more than 30% decline so far this year, following a sharp decline in third-quarter revenue. Shares were last down under 2%, paring losses after declining more than 6% in early trading Wednesday. They have ended in the red in 9 of the past 12 sessions. The company reported a 45% to 50% year-on-year drop in third-quarter revenue on Tuesday, according to a filing. The steep sales decline raises questions about whether the frenzy surrounding Labubu and other collectible toys can sustain the company's rapid growth, particularly in overseas markets.