According to the US Cable Television News Network website reported on May 23, consumers in the United States and Chinese consumers purchased low -cost products on their cheap shopping applications, so that they have TEMU's fightDuoduo's profits and revenue rose sharply, exceeding market expectations.
Data show that the company headquarters in Shanghai reported on the 22nd that net profit in the first quarter of 2024 increased by 246%to 28 billion yuan, which was more than twice as estimated by analysts.
The revenue of the same period soared by 131%to 86.81 billion yuan, which was also significantly exceeded.Nomura Securities analysts said the growth momentum comes from "domestic and foreign".
It is reported that the strong results have boosted the stocks listed on Nasdaq on the 22nd, promoting its market value of more than 204 billion US dollars, making it surpass Alibaba to become China's highest market value e -commerce company.
Alibaba, located in Hangzhou, has long dominated China's Internet industry, but it has always faced fierce competition from the opponent.
It is reported that Ernest Research Company said that Pinduoduo's international application TEMU was launched in 2022. As of November last year, it has received nearly 17%of the market share of US network discount stores.
Pinduoduo applications have also continued to grow in China.China Analysis Enterprise Yinma Digital Research Company said that by mid 2023, Pinduoduo's e -commerce market share has increased from 7.2%in 2019 to 19%, but it lags behind Alibaba's Taobao and Tmall (totaling 44%) (totaling 44%)And Jingdong (24%).
Reports pointed out that after two years of high inflation, American consumers have become more sensitive to prices.A large number of retailers have announced the price reduction in recent weeks to attract people to spend money on new clothes and home decorations.
But Pinduoduo admits that because the opponents use more discounts to attract consumers, competition will become more intense.
Chen Lei, Chairman and CEO of Pinduoduo, said at the phone conference call on the 22nd: "We see the industry obviously increased their efforts."
Chen Lei said that the company must make every effort to keep up with the changes in the consumer market.
He said: "In addition to making people more money, we expect to meet consumers' needs for higher quality products." (Compiled/Yang Xinpeng)
