'ByteDance Revenue Surges In Second Quarter, Closing In On Meta' - The Information
Portfolio Pulse from Benzinga Newsdesk
ByteDance, the Chinese owner of TikTok, experienced a revenue surge of over 40% to $29 billion in the second quarter, outpacing the growth of other advertising-powered internet companies. In comparison, Meta Platforms, the owner of Facebook, saw an 11% increase in revenue to $32 billion in the same period, indicating ByteDance is closing the revenue gap with Meta.
November 14, 2023 | 2:02 pm
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Meta Platforms, with an 11% revenue increase to $32 billion in Q2, is facing stiff competition from ByteDance, which is showing significantly higher revenue growth. This could put pressure on Meta's advertising and e-commerce market share.
The news of ByteDance's rapid revenue growth is likely to concern investors about Meta's ability to maintain its market share and growth trajectory in the advertising and e-commerce sectors. This could potentially lead to a negative short-term impact on Meta's stock price as the market reacts to increased competition.
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