Temu’s owner Pinduoduo triples net profit in the first quarter

BEIJING – Chinese e-commerce giant Pinduoduo announced on Wednesday that its first quarter (Q1) net profit more than tripled as owner Temu continues to increase its competitiveness in the domestic market and abroad.

Pinduoduo is one of China’s leading online retailers – largely due to its success in reaching rural consumers with a diverse range of low-cost products.