ByteDance's 2024 revenue shows the importance of TikTok

ByteDance's 2024 Revenue Highlights the Importance of TikTok

Sources familiar with the matter said that ByteDance's net profit in 2024 was $33 billion, with a year-on-year increase of only 6%, a significant slowdown compared to 2023. According to insiders, when disclosing the 2024 performance, ByteDance executives told some investors that the company's profit margin had peaked as the company plans to increase investment in artificial intelligence in the coming years. ByteDance's net profit margin has dropped from 26% in 2023 to 21% in 2024. These figures reflect a sharp slowdown in ByteDance's growth. The slowdown in both the net profit increase and the profit margin reflects the company's increased spending in the field of artificial intelligence and its e-commerce business in the United States. At the same time, ByteDance's overseas business revenue, mainly driven by TikTok, increased by 63% in 2024, reaching $39 billion. With the slowdown in the growth of the company's business in China, overseas revenue accounted for one-fourth of ByteDance's total revenue in 2024, the highest proportion ever.

—— The information

via Windvane Reference Express - Telegram Channel