PDD, the owner of cut-price shopping sites Pinduoduo and Temu, posted better-than-expected quarterly earnings on May 26, with total revenue increasing 58% from a year prior to RMB 37.6 billion ($5.48 billion) in the first quarter. The jump was primarily driven by strong growth in online marketing and e-commerce transactions, which rose 50% and 86% year-on-year respectively in the period. Net income generated in the quarter more than doubled from the same period last year to RMB 8.1 billion. Chen Lei, chairman and co-CEO of PDD, stated that the company has been shifting its strategic focus from rapid growth to growth quality. Despite this, PDD’s double-digit revenue growth still outpaced established e-commerce platforms such as Alibaba and JD. [PDD announcement]