Revenues at Xiaohongshu, the start-up known as China’s answer to Instagram, surged to $1bn in the first quarter of 2024 as it ramped up advertising from retailers targeting Gen Z women.
The picture and video sharing app generated $200mn in net profit in the first three months of the year on just over $1bn of sales, according to two people briefed on the numbers, which are not public. This is up from $40mn in the same period last year on revenues of about $600mn.
China’s fastest-growing social media platform, which is popular with young women, is a rare recent success story in a tech sector hit by bankruptcies and falling valuations.
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