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ByteDance Denies 60% Profit Growth in 2023: Profit Growth and Data Are Not True

April 12, 2024
in Technology
ByteDance Denies 60% Profit Growth in 2023: Profit Growth and Data Are Not True
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On April 10th, it was reported by some media that ByteDance‘s profits surged by about 60% in 2023, surpassing the growth of Tencent Holdings Ltd. and Alibaba Group Holding Limited. The report cited sources who preferred to remain anonymous, stating that ByteDance’s revenue increased from $80 billion to nearly $120 billion, and its profit before interest, taxes, depreciation, and amortization jumped from around $25 billion to over $40 billion. In response to this, ByteDance officially stated that “the media reports on the profit growth of ByteDance and related data rumors are not true.”

In March this year, some media outlets also cited information from five informed sources, stating that driven by the explosive growth of TikTok, ByteDance’s revenue in 2023 will reach $120 billion, an increase of about 40% compared to the previous year, despite China accounting for a large portion of the company’s sales. Among them, TikTok’s revenue in the United States reached approximately $16 billion last year, setting a new record with around 170 million Americans using it throughout the year.

In early March, there were media reports that ByteDance once again issued the latest stock buyback plan to employees, confirming once again that ByteDance has no plans to go public in the near future.

On January 18th this year, ByteDance announced the updated performance and incentive policies to all employees via email. The main changes in the new policy include accelerating the pace of stock option vesting, increasing incentive intensity, and providing better rewards for high-performing employees. Vesting refers to employees being able to convert their stock options into company shares and sell them on the market to gain equity. According to ByteDance’s latest policy, starting from 2024, the pace of stock option vesting in total compensation packages will be accelerated. Except for the first year of employment, it will change from “annual vesting” to “quarterly vesting”.

SEE ALSO: ByteDance Starts New Payroll Policy to Incentivize Staff

In addition, starting from January 2025, the annual incentives for ByteDance employees will consist of two parts: “annual bonus” and “performance stock options”. The annual bonus can be up to 3 months’ salary, and outstanding performers will receive performance stock options. At the same time, performance stock options will be doubly amplified in terms of base and number of shares.

In July 2023, ByteDance confirmed that it would allow TikTok employees in the United States to participate in future stock buyback plans, enabling them to cash out their company options without having to wait for ByteDance’s IPO. In November 2023, ByteDance initiated another equity repurchase plan, announcing a pre-tax buyback price of $128 per share for departing employees and $160 per share for current employees.

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