BEIJING, May 22 — Chinese e-commerce giant Pinduoduo announced today its net profit for the first quarter more than tripled, as the Temu owner continues to boost its...
Pinduoduo announced its net profit for the first quarter more than tripled, as the Temu owner continues to boost its competitiveness. — Reuters picBEIJING, May 22 — Chinese e-commerce giant Pinduoduo announced today 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 said net profit for the first three months of 2024 was US$3.88 billion, up 246 per cent from the same period last year.The Shanghai-based firm added that sales in the first quarter were about US$11.2 billion, an increase of 131 per cent from the same period in 2023. Earlier this month, European consumer rights groups accused it of using manipulative sales techniques and lacking transparency about traders on the platform.Despite the setbacks, Pinduoduo remains the newest competitor to established e-commerce juggernauts, including Amazon in the United States and Alibaba in China.
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