TikTok Parent ByteDance Sees Losses Swell in Push for Growth
Posted on AllSides October 6th, 2022
From The Center
TikTok parent ByteDance Ltd. saw its operating losses more than triple last year to above $7 billion as it spent heavily to continue its torrid growth, according to a financial report shared with employees that offers a rare look inside the private company’s closely guarded finances.
ByteDance also produced an operating profit in the first quarter of 2022, the report showed, indicating one of the world’s most valuable startups could be turning a corner after years of incurring large losses.
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