Xiaohongshu expects over $1b profits in 2024

Xiaohongshu, a Chinese social media and ecommerce platform, is expected to double its profits to over US$1 billion in 2024.

The company is now prioritizing profitability instead of user growth.

This shift comes as user growth has slowed since the pandemic-induced surge.

Recent Xiaohongshu developments

Timeline
07-Nov-2024 🌐 Alibaba Cloud completes largest migration for Xiaohongshu Alibaba Cloud migrates 500,000 TB for Xiaohongshu Largest data migration project in history complete
15-Oct-2024 📈 Xiaohongshu hits $1b Q1 revenue Xiaohongshu reports $1B sales in Q1 2024. 312M active users, net profit up to $200M.
27-Sep-2023 📉 In 50 Words: Sequoia Capital China acquires Xiaohongshu stake at discount Sequoia Capital China buys stake in Xiaohongshu Valuation set at $14B, 30% lower than 2021
21-Apr-2022 📉 Chinese social commerce firm Xiaohongshu to axe 20% staff Xiaohongshu to lay off 20% of its staff Affected teams are mainly freshers in Shanghai, Beijing
16-Jul-2021 📉 Report: Tencent-backed Chinese ecommerce firm halts US listing plans Xiaohongshu halts US IPO amid China’s new rules Company considers Hong Kong listing as alternative
31-Jul-2019 📱 In brief: Social ecommerce app Xiaohongshu pulled from Chinese app stores

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