ByteDance Revenue Growth Accelerated to 43% in Third Quarter

ByteDance revenue in the third quarter of 2023 rose roughly 43% to $30.9 billion, indicating that the TikTok parent company accelerated advertising and ecommerce sales slightly from the first half. It also demonstrated that ByteDance is continuing to grow at nearly twice the growth rate of Facebook-owner Meta Platforms. For the first nine months of the year, ByteDance revenue rose 40% to $84.4 billion, it disclosed in private documents viewed by The Information.

The disclosure came as the company notified employees of its latest plans to buy back stock privately, confirming once again that ByteDance has no near term plans to go public. An IPO would allow American investors to realize a return on the $8 billion they and other investors have spent buying ByteDance shares.