ByteDance Has Revenue of US$29 Billion In The Second Quarter, Approaching Meta
Jayson 17 Nov 2023 05:35
Recently, people familiar with the matter reported that ByteDance's revenue in the second quarter of this year reached US$29 billion, a year-on-year increase of approximately 40% due to a surge in advertising and e-commerce revenue. Meta revenue during the same period was $32 billion, a year-on-year increase of 11%. In the first half of this year, ByteDance had revenue of about $54 billion.
Relevant people said that most of Byte's revenue still comes from the Chinese market, but the main driving force for growth comes from TikTok. In the second quarter, Byte's revenue from overseas markets accounted for about 20% of its total revenue, while revenue from overseas markets mainly came from TikTok, and a small part came from games and enterprise software services.
Investors recently valued ByteDance at about $231 billion in secondary markets, data and trading firm Caplight estimated. Foreign media have previously disclosed that Byte's revenue in 2022 will be US$85.2 billion, a year-on-year increase of 38%; operating profit will exceed US$20 billion. In the first quarter of 2023, Bytedance's revenue was US$24.5 billion, a year-on-year increase of nearly 34%; operating profit was US$6 billion, a 2-fold increase from the same period last year.
Advertising business has long been an important part of the revenue of many Internet companies, but with the rise of short videos, the balance of advertising revenue is increasingly tilted towards short video platforms. Industry insiders have said, “Looking to the future, users have been attracted by vertical short videos, and advertisers will also pay attention to short videos (marketing).”
Relevant people said that most of Byte's revenue still comes from the Chinese market, but the main driving force for growth comes from TikTok. In the second quarter, Byte's revenue from overseas markets accounted for about 20% of its total revenue, while revenue from overseas markets mainly came from TikTok, and a small part came from games and enterprise software services.
Investors recently valued ByteDance at about $231 billion in secondary markets, data and trading firm Caplight estimated. Foreign media have previously disclosed that Byte's revenue in 2022 will be US$85.2 billion, a year-on-year increase of 38%; operating profit will exceed US$20 billion. In the first quarter of 2023, Bytedance's revenue was US$24.5 billion, a year-on-year increase of nearly 34%; operating profit was US$6 billion, a 2-fold increase from the same period last year.
Advertising business has long been an important part of the revenue of many Internet companies, but with the rise of short videos, the balance of advertising revenue is increasingly tilted towards short video platforms. Industry insiders have said, “Looking to the future, users have been attracted by vertical short videos, and advertisers will also pay attention to short videos (marketing).”
