Chart of the Day: PDD’s growth leaves e-commerce rivals in the dust

Chinese e-commerce giant PDD’s quarterly growth significantly outpaced rivals Alibaba and JD.com, reflecting online shoppers’ preference for cheaper products amid an uneven economic recovery.

PDD Holdings Inc., owner of e-commerce platforms Temu and Pinduoduo, said its first-quarter net profit rose 246% from a year earlier to nearly 28 billion yuan ($3.9 billion) on revenue that rose more than twice, according to earnings results released Wednesday.