[NEW YORK] ByteDance’s revenue jumped 29 per cent to US$155 billion in 2024, after online video phenom TikTok drove a worldwide expansion that helped offset an economic downturn back home in China.
Its international sales grew a much quicker 63 per cent to US$39 billion, contributing to roughly a quarter of the topline, according to sources briefed on the numbers. Net profit for the year edged up to around US$33 billion, they said, asking to remain anonymous discussing private information.
TikTok’s sizzling pace of growth has come into focus since Washington mandated that the social video platform find a buyer or exit its biggest market. Its fate remains uncertain after the Trump administration granted TikTok a second 75-day extension to work out a deal to split from its Chinese owner.
While the international division soared, growth overall for the startup slowed sharply from 2023, when ByteDance grew sales to nearly US$120 billion from US$80 billion. At home, its flagship video platform Douyin is grappling with belt-tightening across the world’s second-largest economy.
TikTok, which replicates its local sibling’s advertising and e-commerce models globally, has in the meantime taken up more of the burden for topline growth.
A ByteDance spokesperson did not respond to queries about the company’s 2024 financials, which were first reported by The Information.
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One of ByteDance’s biggest challenges in 2025 remains securing a US deal that appeases both Washington and Beijing.
Amazon.com became the latest big name to jump into the fray, submitting a bid to the White House to buy out a business once valued at US$60 billion. Lesser-known AppLovin is also reportedly seeking backing for its own takeover bid. The pair lengthened an already eclectic list of potential owners of the ByteDance app at the nexus of US-China tensions.
An escalating trade war between the US and China could complicate such a deal. Washington sees TikTok as a bargaining chip to negotiate favourable trade terms with Beijing. Meantime, tariffs on Chinese goods could hammer TikTok’s burgeoning e-commerce business in the US, which counts on cross-border merchants.
Longer run, ByteDance joins much of the world’s technology giants in the hope of turning generative artificial intelligence (AI) into a windfall. Its chatbot Doubao is among the most popular in China, and the Beijing-based company is also experimenting with AI products for areas from video generation to coding.
Some of ByteDance’s biggest investors value the firm at US$400-plus billion on their books, while the firm plans to buy back employee shares at a US$312 billion valuation. Both counts are a significant markup from a year ago, helped by a reassessment of the Chinese tech sector post-DeepSeek. BLOOMBERG
