Temu app looks to reduce reliance on American shoppers, WSJ reports

Bargain app Temu, which is owned by Chinese e-commerce giant PDD Holdings (PDD) and has been a major advertiser on Meta‘s (META) Facebook, is shifting business priorities beyond the U.S. as it wants to limit risks and seek other sources of growth, people close to the company told The Wall Street Journal’s Raffaele Huang and Shen Lu. Temu is focusing more on acquiring users in Europe and other countries and as a result it now expects less than a third of its sales to come from the U.S. this year, compared with 60% last year, the report said, calling the move “a notable strategy shift for a company that in less than two years became the U.S.’s second-most popular shopping app after Amazon.com by monthly users.”