ByteDance, the Chinese tech giant behind TikTok, clocked over US$7 billion in losses in 2021, growing 3x year-on-year, the Wall Street Journal reported.
Citing a financial statement ByteDance shared with its employees, the report also noted that the company generated an undisclosed amount of operating profits during the first quarter of 2022.
The report comes after ByteDance’s board cleared a US$3 billion share buy-back plan in September, a decision that resulted in discontent among small shareholders. This amounts to ByteDance offering US$177 per share – lower than its peak price in 2021 – and gives the company a US$300 billion valuation.
ByteDance has also been expanding its presence among different industries while loosening its grip on others.
In August, the company officially took its ecommerce venture, TikTok Shop, to Singapore and trialed a food delivery service through Douyin, TikTok’s Chinese counterpart. Howerver, it was reported that ByteDance will be pulling out the WeChat mini-app of its healthcare arm by the end of October.
Editing by Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
