ByteDance's 2022 revenue increased by 30%, falling short of its own expectations...
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ByteDance's 2022 revenue increased by 30%, falling short of its own expectations
ByteDance's 2022 revenue increased by 30%, falling short of its own expectations
posted on 2 hours ago
Still, this double-digit growth outpaced most of the global tech giants, including Microsoft, Google, Meta, and Amazon.
ByteDance’s revenue surged more than 30% to surpass $80 billion in 2022, The Information reported.
In a recent memo, the TikTok owner told its investors that revenue jumped from around $60 billion in 2022.
ByteDance's revenue is now almost on par with Chinese social networking and gaming giant Tencent, which made 554.6 billion yuan ($80 billion) last year. That double-digit growth outpaced most global Internet leaders, including Microsoft, Google, Meta and Amazon.
According to the internal financial report, ByteDance's revenue rose 80% to $61.7 billion in 2021, while its operating loss increased from $2.14 billion to $7.15 billion.
Last year, the Beijing-based unicorn conducted layoffs across several businesses, including gaming, edtech, and work collaboration.
While scaling back its domestic operations, the social media giant has been actively hiring in the US for the past 12 months to support its fast-growing TikTok business.
The viral short video app plans to nearly double its workforce in Mountain View, California, to about 2,000. The plan is part of TikTok's efforts to win more trust from US lawmakers and regulators.
Even though, TikTok continues to face heightened scrutiny and pressure from the US government. The Biden administration is pushing ByteDance to sell its stake in TikTok or face a nationwide ban on the app.
Recently, Shou Zi Chew, CEO of TikTok, testified before US lawmakers to address concerns regarding the company's data security, content moderation, and algorithm issues.
Given the looming threat of a ban, ByteDance is taking a proactive approach by promoting Lemon8, a social app described as a combination of Instagram, Pinterest, and TikTok.
Just weeks after its launch, the app has quickly gained popularity in the US market, becoming the most downloaded lifestyle app in the App Store.
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