Temu-owner PDD Holdings' Q1 revenues accelerate

PDD Holdings, owner of Chinese discounted consumer goods company Temu, reported first quarter revenues of 86,812.1 million Chinese yuan (112,023.3 million dollars), increased 131 percent.

Operating profit in the quarter was 25,973.7 million Chinese yuan (3,597.3 million dollars), an increase of 275 percent, while non-GAAP operating profit was 28,552.2 million Chinese yuan (3,954.4 million dollars), an increase of 237 percent.

Commenting on the trading update and outlook, Lei Chen, chairman and co-chief executive officer of PDD Holdings said: “We will keep focusing on growing our long-term intrinsic value through investing in initiatives that bring sustainable impacts to our communities.”

The company’s net income in the quarter was 27,997.8 million Chinese yuan (3,877.7 million dollars), an increase of 246 percent and non-GAAP net income was 30,601.8 million Chinese yuan (4,238.3 million dollars), an increase of 202 percent.

“This year is critical for us to deepen the execution of our high-quality development strategy. We will focus our efforts on improving the overall consumer experience, strengthening our supply chain capabilities, and fostering a healthy platform ecosystem,” added Jiazhen Zhao, executive director and co-CEO of PDD Holdings.