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The owner of Temu, PDD Holdings, has welcomed a strong first quarter of trading as sales rocketed 131% to RMB86.8bn (£9.4bn), up from RMB37.6bn (£4bn) the prior year.
Sales more than doubled largely due to an increase in revenues from its online marketing services and transaction services.
Online marketing services sales rose by 56% to RMB42.5bn (£4.6bn) over the period, while revenues from transaction services soared 327% to RMB44.4bn (£4.81bn), up from RMB10.4bn (£1.13bn) the prior year.
Lei Chen, chairman and co-CEO of PDD Holdings, said: “We are committed to offering a trustworthy shopping environment for our users around the world. We will keep focusing on growing our long-term intrinsic value through investing in initiatives that bring sustainable impacts to our communities.”
Jiazhen Zhao, executive director and co-CEO, added: “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.”
Jun Liu, VP of Finance, concluded: “In the first quarter, we continued our investment in key areas critical to our high-quality development strategy. Rather than focusing on short-term results, we prioritise long-term value creation and remain committed to further deepening our investments in the future.”
