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# TikTok's parent company ByteDance grew its revenue by 50% YoY in 2023
- URL: https://www.techloy.com/tiktoks-parent-company-bytedance-grew-its-revenue-by-50-percent-yoy-in-2023/
- Published: 2024-04-10T15:23:34.000Z
- Updated: 2024-04-22T08:52:55.000Z
- Description: The Chinese Internet giant wants to grow TikTok's e-commerce business in the US by tenfold this year.
- Author: Loy Okezie
- Tags: Business, / News, ByteDance, / TikTok

ByteDance, the Chinese Internet giant and owner of TikTok, reportedly made nearly $120 billion in sales revenue in 2023, per a *Bloomberg* report, particularly from its e-commerce play in markets like the US and Southeast Asia.

If this report is to be believed, it means that the company’s revenue grew by 50 per cent from [$80 billion](https://www.techloy.com/bytedance-revenue-growth-2022/) in revenue in 2022, which easily makes the world’s most valuable startup one of the world’s fastest-growing tech giants in 2023.

[TikTok is expanding its e-commerce operations with a $20 billion revenue target this yearByteDance-owned TikTok, the popular social media platform, is planning to make a significant push in its e-commerce business. According to Bloomberg sources, TikTok aims to expand its worldwide e-commerce operations to generate as much as $20 billion in merchandise sales through its online marketplace, TikTok Shop, this year. This ambitious![](https://storage.ghost.io/c/c1/a6/c1a6d111-d951-41ad-a392-c1e841210b93/content/images/size/w256h256/2023/07/techloy-avatar-1.png)TechloyEmmanuel Oyedeji![](https://images.unsplash.com/photo-1645848994497-25fc0e1fe8ed?crop=entropy&cs=tinysrgb&fit=max&fm=jpg&ixid=M3wxMTc3M3wwfDF8c2VhcmNofDg1fHx0aWt0b2slMjBjb21tZXJjZXxlbnwwfHx8fDE2ODYyNDI2Mzh8MA&ixlib=rb-4.0.3&q=80&w=2000content/images/size/w1200)](https://www.techloy.com/tiktok-e-commerce-business-expansion/)

But that's not all. Its earnings before interest, tax, depreciation and amortization jumped to more than $40 billion from about $25 billion in 2022, according to the [report](https://www.bloomberg.com/news/articles/2024-04-10/bytedance-profit-jumps-60-taking-it-past-archrival-tencent).

The Chinese Internet giant wants to grow TikTok's e-commerce business in the US by tenfold this year, where it currently has about 170 million users. Still, it has to contend with the mounting [regulatory issues](https://www.techloy.com/tiktoks-fate-hangs-in-balance-as-us-house-passes-landmark-bill/) in the U.S. and push-backs around the world, even in [Kenya](https://www.techloy.com/kenyas-considers-tiktok-ban/).