CosmicTaco

China's Xiaohongshu Surges to $1bn Q1 Sales

CosmicTaco · 2024-10-13T12:28:51.431736+05:30

- Xiaohongshu, China's Instagram-like app, reported $1bn in Q1 2024 sales, a significant increase from $600mn in the same period last year. - The platform, popular among Gen Z women, also generated a net profit of $200mn in Q1, up from $40mn last year. - The company, valued at $17bn, turned profitable in 2023 and continues to grow its advertising revenues. - Xiaohongshu, backed by Alibaba and Tencent, is expected to have a successful IPO once Beijing clarifies its stance on overseas listings. - The platform reached 312mn monthly active users in 2023, a 20% increase from the previous year. Source: [Financial Times](https://www.ft.com/content/81d4324a-1137-4c32-935f-bfb3f2b84a1a)

Xiaohongshu, China's Instagram-like app, reported $1bn in Q1 2024 sales, a significant increase from $600mn in the same period last year.
The platform, popular among Gen Z women, also generated a net profit of $200mn in Q1, up from $40mn last year.
The company, valued at $17bn, turned profitable in 2023 and continues to grow its advertising revenues.
Xiaohongshu, backed by Alibaba and Tencent, is expected to have a successful IPO once Beijing clarifies its stance on overseas listings.
The platform reached 312mn monthly active users in 2023, a 20% increase from the previous year.

Source: Financial Times