TikTok owner ByteDance faces flagging growth as e-commerce rivals, geopolitics take toll
ByteDance has faced ‘significantly’ slower revenue growth this year, according to media reports, as it struggles to get TikTok Shop to take off
Revenue growth “significantly” slowed for the first nine months of the year, while profit margins slimmed for the first time since 2022, Chinese tech media 36Kr reported on Thursday, citing an unnamed source.
ByteDance has been pushing TikTok Shop in several international markets – including the US, UK and Southeast Asian countries – as it looks for monetisation beyond advertising on its hugely popular but unprofitable video platform.
ByteDance’s advertising revenue growth in China fell below 17 per cent in the third quarter, down from 40 per cent in the first quarter, online media outlet LatePost reported on Monday. The ads department missed its targets for the past two quarters, according to the report.