ByteDance can afford to be patient with TikTok making a loss thanks to its lucrative Chinese version. Last year the tech group as a whole made a gross operating profit of $25bn or so, most of it at home
becoming the West’s favourite time sink. Last month it said it had 150m users in America, putting it ahead of Instagram and within striking distance of Facebook, two social networks owned by Meta. For its Chinese parent company, ByteDance, it remains a money sink. ByteDance can afford to be patient with the lossmaking Western app thanks to its lucrative Chinese version, Douyin.
Last year the tech group as a whole made a gross operating profit of $25bn or so, most of it at home. On that measure, it overtook China’s reigning tech titans, Alibaba and Tencent. The gap between Meta’s overall profits per user and those of ByteDance’s apps is narrowing—and will shrink further once TikTok starts making money. Unless, that is, Western politicians act on their threats to ban TikTok on national-security grounds.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chinese exports surge in March\n\t\t\tJournalists in 50+ countries explore developments in global commerce from every perspective.\n\t\t\tFor Premium subscribers, we offer our dedicated ‘FT Free Trade’ newsletter every Tuesday and Thursday.\n\t\t
Read more »
Chinese bubble tea chains go viral in South-East AsiaThe favourite drink of rising Asia is milky tea with tapioca balls
Read more »
China Says It Will Not Sell Arms to Either Side in Russia-Ukraine WarForeign Minister Qin Gang is the highest-level Chinese official to make such an explicit statement about arms sales to Russia
Read more »
Aluminum Prices Remain Stagnant As Russian Exports Rise | OilPrice.comThe global aluminum trade is undergoing shifts, and it is still not clear what the long-term direction of the industry will be.
Read more »
WTA returning to China after boycott over PengThe Women's Tennis Association will resume tournaments in China having accepted an investigation into Peng Shuai's sexual assault allegations will not be carried out by the Chinese government.
Read more »
OPEC Raises Forecast For China’s Oil Demand Growth Again | OilPrice.comIn its Monthly Oil Market Report, OPEC raised its forecast for Chinese oil demand growth but kept global oil demand projections unchanged.
Read more »