Temu-Owner PDD’s Sales Soar After Global Drive Gains Pace
- The upstart Chinese player beats most results expectations
- PDD remains upbeat on the outlook for Chinese consumption
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PDD Holdings Inc. more than doubled revenue after deepening inroads into countries including the US 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.