Temu owner Pinduoduo says triples net profit in first quarter

Beijing: Chinese e commerce giant Pinduoduo announced Wednesday its net profit for the first quarter more than tripled, as the Temu owner continues to...

Beijing: Chinese e-commerce giant Pinduoduo announced Wednesday its net profit for the first quarter more than tripled, as the Temu owner continues to boost its competitiveness in its home market and abroad.

Pinduoduo is one of China's leading online retailers -- owing largely to its success in reaching consumers in rural areas with a diverse offering of low-cost products.

The company's overseas platform, Temu, has surged since its September 2022 launch to become one of the most popular online shopping sites in the United States, propelled by a marketing strategy that featured multiple prime-time Super Bowl advertisements.

Pinduoduo said net profit for the first three months of 2024 was $3.88 billion, up 246 percent from the same period last year.

The Shanghai-based firm added that sales in the first quarter were $112 billion, an increase of 131 percent from the same period in 2023.