ByteDance Denies Profit Surge Reports, Focuses on New App Launches Amid TikTok Ban Threats
ByteDance, the parent company of TikTok, refuted claims of a 60% profit increase in 2023, while preparing to launch new apps as it faces potential U.S. bans.
- ByteDance denies Bloomberg's report of a 60% profit increase in 2023, stating the figures are untrue.
- The company is set to launch TikTok Notes and a coin app targeting European markets, amid increasing U.S. scrutiny.
- U.S. House of Representatives passed a bill that could lead to a nationwide TikTok ban, pushing ByteDance to diversify its app offerings.
- Despite challenges in the U.S., ByteDance's revenue for the first three quarters of 2023 increased by 40%, reaching over $84 billion.
- The new apps aim to compete with Instagram and enhance ByteDance's presence in e-commerce and social media globally.
South China Morning Post 
Business Insider 
Time 
Tech Xplore 
Game World Observer 
Breitbart 
