Shulou(Shulou.com)11/24 Report--

CTOnews.com, Oct. 3-Byte Jump, the parent company of TikTok, made an operating profit of nearly $6 billion (CTOnews.com Note: about RMB 43.86 billion) in the first quarter of 2023, almost double that of the previous year. While rapidly increasing revenue, byte jumps have slashed marketing, administrative and research costs.

Surveys show that byte jumps have largely reversed its business since 2021, when it suffered an operating loss of about $7 billion (currently about 51.17 billion yuan), the Wall Street Journal reported.

In addition, although its revenue continued to grow-by more than 38 per cent to $85.2 billion in 2022 (currently about 622.812 billion yuan), the company's revenue growth slowed compared with a year ago, according to a financial report shared with employees. It grew by nearly 80 per cent. The company made more than $20 billion (currently about 146.2 billion yuan) in operating profit last year, according to the report.

Byte Jump also offered to buy back shares from active employees at a price of $160 a share (currently about 1170 yuan), according to people familiar with the matter. Byte Jump owns 1.4 billion outstanding shares, which means it is valued at $223.5 billion (currently about 1.63 trillion yuan). That's down nearly 26% from $300 billion a year ago, according to a previous report by the Wall Street Journal.

TikTok launched its e-commerce service in the United States in August. The company hopes TikTok will generate more revenue, according to people familiar with the matter.

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