May 23, 2024 05:30 PM

BUSINESS

Temu-Owner PDD’s Sales Soar After Global Drive Gains Pace

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Temu packages are piled up before being loaded onto an airplane for export on Jan. 19. Photo: VCG

Temu packages are piled up before being loaded onto an airplane for export on Jan. 19. Photo: VCG

(Bloomberg) — PDD Holdings Inc. more than doubled its revenue after deepening inroads into countries including the U.S. to escape a volatile Chinese market.

The Chinese-owned retailer’s shares rose 6% after it reported better-than-projected sales of 86.8 billion yuan ($12 billion) in the March quarter, its second straight period of triple-digit growth. Net income more than tripled to about 28 billion yuan.

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