Chinese ecommerce group PDD Holdings has reported a more than doubling of quarterly revenues, hailing 2023 as a “pivotal” year during which its ultra-cheap shopping site Temu turbocharged growth.
Nasdaq-listed PDD, which owns the fast-growing marketplace Temu that is making waves in the US and Europe, on Wednesday reported revenues of Rmb89bn ($12bn) for the three months to December, a 123 per cent increase from the previous year and far above analysts’ estimates.
“2023 represents a pivotal chapter in our corporate history,” said chair and co-chief executive Chen Lei. “We saw growing demand driven by encouraging consumer sentiment.”
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