PDD Holdings, the owner of Temu and Pinduoduo, is blowing past market expectations with a massive surge in profit and revenue as American and Chinese consumers swarm its bargain shopping apps for low-cost products.
The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion yuan in the first quarter of 2024, more than double the average analyst estimate of 12.62 billion yuan , according to LSEG data. Revenue jumped 131% to 86.81 billion yuan in the period, also comfortably beating expectations. Nomura analysts said that the growth momentum was coming from “both home and abroad.
As the Chinese economy slows and job prospects worsen, people are penny-pinching on everything from groceries to electronics and cars. Discounts and special deals are being offered across brands, including Western companies that primarily target premium markets. American consumers are also becoming more price aware after two years of elevated inflation.
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