ByteDance, the privately held parent of China-based social-media video-sharing app TikTok, managed a $6 billion profit in the first quarter of 2023, the Wall Street Journal reported late Monday. That marks a big turnaround since 2021, when the company had an operating loss of $7 billion, according to the Journal. In 2022, ByteDance reported a 38% increase in revenue to $85.2 billion, as it cut back on costs, following 80% growth in 2021, the Journal reported, citing a financial document sent to employees.
Read the full article here
