"ByteDance Ltd. is on track for profits of roughly $50 billion in 2025, capping a record year for a Chinese social media leader making major inroads into e-commerce and new markets. The Beijing-based parent company of TikTok is on track to hit that milestone after amassing net income of about $40 billion over the year's first three quarters, people familiar with the matter said."
"ByteDance is now close to finalizing a plan to hive off the video service in the US, which will ensure the platform survives while loosening the Chinese company's control. TikTok Chief Executive Officer Shou Chew told employees that ByteDance signed binding agreements to create a joint venture majority-owned by American investors including Oracle Corp., according to an internal memo reviewed by Bloomberg. Chinese regulators have yet to say whether they'll approve the transaction a key requirement for a deal to proceed."
ByteDance is projected to generate roughly $50 billion in profits in 2025 after recording about $40 billion in net income in the first three quarters. The earnings would approach Meta Platforms' projected $60 billion this year. TikTok has expanded rapidly worldwide and pushed aggressively into e-commerce and livestream shopping, including partnerships with U.S. tech firms like Amazon. ByteDance is finalizing a plan to hive off TikTok in the U.S. into a joint venture majority-owned by American investors including Oracle, pending Chinese regulatory approval. Full-year revenue increases remain unclear; the company had targeted about a 20% rise in 2025.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]