Temu's Rapid Rise: PDD's Shopping App Surpasses Alibaba in Market Value
Following a series of US legal victories against phishing sites, Temu sees significant growth, becoming the most downloaded shopping app globally and contributing to a 94% surge in PDD's revenues.
- Temu, a shopping app owned by PDD Holdings, has won preliminary injunctions in the US against phishing sites, as part of its ongoing legal action against websites that impersonate the platform.
- Temu has seen rapid growth since its launch in the US last year, with its popularity contributing to a 94% surge in revenues for PDD Holdings.
- The app has become a key driver of strong revenue growth for PDD, briefly pushing the company's market value above that of Alibaba Group Holding in the US stock market.
- Temu has expanded into over 40 markets and is the most downloaded shopping app globally in the first three quarters of 2023 in iOS and Google Play combined.
- The US market contributed 60% of Temu's sales, which reached $5 billion in the third quarter.
South China Morning Post 
TechCrunch 
