TikTok parent ByteDance’s finances show slowing revenue growth, WSJ says

TikTok parent ByteDance had an operating profit of nearly $6B in Q1 of 2023, nearly double the haul it made in the same time the previous year, Salvador Rodriguez and Georgia Wells of The Wall Street Journal report. While the company’s revenue continues to expand, its revenue growth has come down from a year prior, when it rose nearly 80%, the Journal said, citing the company’s financial report shared with employees. ByteDance also offered to buy back shares from current employees at $160 per share, people familiar with the matter told the Journal. Publicly traded companies in the social space include Meta Platforms (META), Pinterest (PINS), Snap (SNAP), Alphabet (GOOG, GOOGL) and X (TWTR).