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- TikTok parent (Bytedance)'s revenue +34% to $24.5B in Q1
TikTok parent (Bytedance)'s revenue +34% to $24.5B in Q1
Bay Area Times
October 03, 2023
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Top stories today:
- TikTok parent (Bytedance)'s revenue +34% to $24.5B in Q1
- Nadella at Google trial: defaults only thing that matter
- SBF's criminal trial, Michael Lewis's biography out today
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).
All times are ET.
1. TikTok parent (Bytedance)'s revenue +34% to $24.5B in Q1
14% less than Meta's $28.6B revenue in Q1.
Annualizing, ByteDance gets to a 2023 revenue of $98B:
We estimate ByteDance's Q1 net profit at $4.5B, assuming a 25% tax rate
21% less than Meta's $5.7B net income in Q1.
Annualizing, we get to $18B:
Read more: WSJ, The Information.
ByteDance is buying back employee shares at a $223.5B valuation
Similar to the $220B valuation used by Abu Dhabi's G42 to acquire a $100M+ stake in March 2023:
Former employees are being offered $179B, a reduced valuation. - The Information
2. Nadella at U.S. v. Google trial: “defaults are the only thing that matter”
“Vicious cycle” argument of the Microsoft CEO: by being the default, Google gets more queries, which it uses to improve its search models.
Google's counterargument: Google is simply the best search engine (which not even Nadella disputed), and Microsoft should blame itself for not having the lead.
Also, Bing is the default on Microsoft Edge and on every Windows PC. - The Verge
Our view: defaults matter somewhat, but Google in fact is the best and continues to innovate
There is no consumer harm by any of these companies, which in fact lead the charts in brand value and NPS scores.
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