Asia Tech Wire (July 29) -- Temu, a cross-border e-commerce platform owned by Chinese tech firm Pinduoduo, is expected to reach $54 billion in gross merchandise value (GMV) in 2024, according to a new report published by Bernstein.

The figure marks the e-commerce platform's progress towards global profitability after achieving profitability in the U.S. market.

Bernstein noted in its report that it expected Temu's GMV to be between $11 billion and $12 billion in the second quarter.

Thanks to the semi-hosting model used in the U.S. market, its GMV margins have improved.