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Wall Street Journal: TikTok parent company ByteDance's revenue slows, valued at approximately $223.5 billion
Wall Street Journal: TikTok parent company ByteDance's revenue slows, valued at approximately $223.5 billion
According to news from this site on October 3, ByteDance, the parent company of TikTok, achieved an operating profit of nearly US$6 billion (note from this site: currently about 43.86 billion yuan) in the first quarter of 2023 , almost double the previous year. While rapidly increasing revenue, ByteDance has also slashed marketing, administrative and research expenses.
According to the Wall Street Journal, investigations show that ByteDance has changed its business conditions to a large extent since 2021. At the time, it had an operating loss of approximately $7 billion (approximately 51.17 billion yuan)
Additionally, according to a financial report shared by Byte with employees, although its revenue continued to grow - growing by more than 20% in 2022 38%, reaching US$85.2 billion (currently about 622.812 billion yuan),But the company's revenue growth has slowed down compared with a year ago, when it increased by nearly 80%. Reports show the company generated operating profits of more than $20 billion (currently about 146.2 billion yuan) last year.
According to people familiar with the matter, ByteDance also offered to buy back shares from current employees at a price of US$160 per share (currently about 1,170 yuan). ByteDance has 1.4 billion outstanding shares, which means its valuation is $223.5 billion (currently about 1.63 trillion yuan). That’s down nearly 26% from $300 billion a year ago, according to a previous Wall Street Journal report.
According to people familiar with the matter, TikTok launched e-commerce services in the United States in August, hoping to increase revenue through this move
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