The Chinese social-media company turned an operating profit of more than $20 billion last year, but its valuation has slumped.
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Earlier this year, TikTok CEO Shou Zi Chew faced lawmakers’ questions about security concerns and potential Chinese government influence over the company. Photo: Chip Somodevilla/Getty Images TikTok parent ByteDance turned an operating profit of nearly $6 billion in the first quarter of 2023, nearly double its haul from the previous year as the Chinese social-media giant pared back expenses.This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.
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