TikTok's parent company ByteDance grew its revenue by 50% YoY in 2023

ByteDance, the Chinese Internet giant and owner of TikTok, reportedly made nearly $120 billion in sales revenue in 2023, per a Bloomberg report, particularly from its e-commerce play in markets like the US and Southeast Asia.

If this report is to be believed, it means that the company’s revenue grew by 50 per cent from $80 billion in revenue in 2022, which easily makes the world’s most valuable startup one of the world’s fastest-growing tech giants in 2023.

TikTok is expanding its e-commerce operations with a $20 billion revenue target this year

ByteDance-owned TikTok, the popular social media platform, is planning to make a significant push in its e-commerce business. According to Bloomberg sources, TikTok aims to expand its worldwide e-commerce operations to generate as much as $20 billion in merchandise sales through its online marketplace, TikTok Shop, this year. This ambitious

TechloyEmmanuel Oyedeji

But that's not all. Its earnings before interest, tax, depreciation and amortization jumped to more than $40 billion from about $25 billion in 2022, according to the report.

The Chinese Internet giant wants to grow TikTok's e-commerce business in the US by tenfold this year, where it currently has about 170 million users. Still, it has to contend with the mounting regulatory issues in the U.S. and push-backs around the world, even in Kenya.