TikTok parent now makes us much revenue as Tencent
The world’s most valuable private tech firm told its investors in a recent memo that revenue surged from around $60-billion in 2021, according to a person who saw the memo but asked to remain anonymous when discussing private information.
That double-digit growth topped most of the global Internet leaders including Meta Platforms and Amazon.com. At the $80-billion mark, ByteDance’s top line is now almost on par with that of WeChat-operator Tencent, which raked in $80-billion last year. Representatives with ByteDance didn’t respond to a request for comment on its financials, which were first reported by The Information.
While global recession risks have taken a toll on technology companies, ByteDance had to deal with issues beyond just higher interest rates and inflation — particularly in the US and at home in China. TikTok has amassed more than 150 million monthly users in America, spurring concerns about China’s access to the data it gathers. TikTok CEO Shou Chew this month sat through a hostile four-and-a-half-hour congressional hearing, during which he did little to sway some of his employer’s loudest critics.Back home, ByteDance joined the likes of Alibaba Group and Tencent to implement unprecedented cost curbs during a year of endless regulatory crackdowns and Covid restrictions.
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