ByteDance revenue surged nearly 80% in 2021 - PingWest

ByteDance revenue surged nearly 80% in 2021

ByteDance revenue surged nearly 80% in 2021

October 9, 2022 8:38 am

Revenue of ByteDance, the TikTok owner, grew nearly 80% to $61.7 billion last year, the Wall Street Journal reported, citing the company's internal financial report.

The financial report, which was sent to employees in August, covers the full years for 2020 and 2021 as well as the first quarter of 2022, providing one of the most detailed insights into its performance and future plans.

Last year, the Chinese tech upstart's operating losses more than tripled to over $7 billion as it spent significantly to maintain its rapid expansion. In the meantime, the cost of sales totaled $27.4 billion, an increase of 79% from the previous year.

ByteDance produced an operating profit in the first quarter of 2022. In the first three months of 2022, sales were almost $18.3 billion, which was almost 54% more than the same time last year. 

Net loss for the period was $4.7 billion, down from $29.1 billion a year earlier. The reduction in net losses could reflect ByteDance readjusting its valuation, said the Journal.

According to the company's August memo to investors, it will spend up to $3 billion to repurchase shares at a price that values the company at around $300 billion. Based on the latest share buyback plan, its valuation plummet by 25% over the past year.

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