Leading Chinese company ByteDance saw strong 2023 profits, which come as the company’s TikTok unit faces a potential ban in the U.S.
What Happened: As ByteDance faces a potential ban of TikTok in the U.S. or a forced sale of the unit, the company is seeing record annual profit.
On Wednesday, Bloomberg reported ByteDance saw a 60% year-over-year increase in profit.
The profit growth takes the company past levels seen by Chinese rivals Tencent Holdings (OTC:TCEHY) and Alibaba Group Holding (NYSE:BABA).
Revenue was up 50% year-over-year for 2023 going from $80 billion to $120 billion, according to the report.
The report shows that ByteDance is one of the fastest-growing technology companies globally.
Related Link: Why Did Donald Trump Change His Mind About TikTok? ‘Follow …
Full story available on Benzinga.com
Leading Chinese company ByteDance saw strong 2023 profits, which come as the company’s TikTok unit faces a potential ban in the U.S.
What Happened: As ByteDance faces a potential ban of TikTok in the U.S. or a forced sale of the unit, the company is seeing record annual profit.
On Wednesday, Bloomberg reported ByteDance saw a 60% year-over-year increase in profit.
The profit growth takes the company past levels seen by Chinese rivals Tencent Holdings (OTC:TCEHY) and Alibaba Group Holding (NYSE:BABA).
Revenue was up 50% year-over-year for 2023 going from $80 billion to $120 billion, according to the report.
The report shows that ByteDance is one of the fastest-growing technology companies globally.
Related Link: Why Did Donald Trump Change His Mind About TikTok? ‘Follow …
Full story available on Benzinga.com
Leading Chinese company ByteDance saw strong 2023 profits, which come as the company’s TikTok unit faces a potential ban in the U.S.
What Happened: As ByteDance faces a potential ban of TikTok in the U.S. or a forced sale of the unit, the company is seeing record annual profit.
On Wednesday, Bloomberg reported ByteDance saw a 60% year-over-year increase in profit.
The profit growth takes the company past levels seen by Chinese rivals Tencent Holdings (OTC:TCEHY) and Alibaba Group Holding (NYSE:BABA).
Revenue was up 50% year-over-year for 2023 going from $80 billion to $120 billion, according to the report.
The report shows that ByteDance is one of the fastest-growing technology companies globally.
Related Link: Why Did Donald Trump Change His Mind About TikTok? ‘Follow …Full story available on Benzinga.com Read MoreAsia, BABA, ByteDance, China, Douyin, ecommerce, ecommerce stocks, social media, social media stocks, Stories That Matter, TCEHY, TikTok, Global, Top Stories, TCEHY, BABA, Asia, Global, Top Stories, Benzinga Asia
