The Chinese social-media company reported an operating profit of more than $20 billion as its valuation fell by about 26%.
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While ByteDance’s revenue continues to expand, the company’s revenue growth has come down compared with a year prior.TikTok parent ByteDance turned an operating profit of nearly $6 billion in the first quarter of 2023, nearly double its haul from the previous year as the Chinese social-media giant pared back expenses.This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law.
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