ByteDance, the parent company of the popular short form content platform TikTok, experienced quite the growth acceleration in revenue during the third quarter of 2023, according to The Information.
Per the report, ByteDance revenue rose around 43% to $30.9 billion during the third quarter 2023 period, which indicates that the company accelerated their respective advertising and ecommerce sales from the first half of the year and showed it’s continuing to grow.
For example, TikTok is pacing growth a twice the rate of Meta Platforms, which is owned by Facebook.
Additionally, for the first 9 months of 2023, ByteDance revenue rose 40% to $84.4 billion, according to documents that were viewed by The Information.
The news comes as ByteDance notified employees of its latest plans to buy back stock privately.
Stay tuned for more.
