China's Temu owner says net profits surge 144% in Q2

Beijing: Chinese e commerce giant PDD Holdings owner of shopping platform Temu announced Monday a jump in net profit for the second quarter as t...

Beijing: Chinese e-commerce giant PDD Holdings -- owner of shopping platform Temu -- announced Monday a jump in net profit for the second quarter as the company continues to boost its competitiveness at home and abroad.

The Shanghai-based firm reported $4.4 billion of net profit for the quarter ending June 30, a 144 percent rise from the same period last year, according to a company statement.

Its sales rose 86 percent year-on-year to $13.4 billion.

PDD Holdings is the parent company of Pinduoduo -- a Chinese online marketplace for low-cost products launched in 2015.

Pinduoduo is experiencing growing success in China at a time when Chinese consumers are cutting back on spending and turning to low-cost products even despite an economic slowdown and high youth unemployment.