ByteDance profit jumps 60% to US$40 billion, taking TikTok’s owner past arch-rival Tencent
- The world’s most valuable start-up grew sales to nearly US$120 billion in 2023 from US$80 billion in 2022, people familiar said
- ByteDance in December offered to buy back up to US$5 billion of its own shares from investors, valuing the start-up at US$268 billion
Earnings before interest, tax, depreciation and amortisation jumped to more than US$40 billion from about US$25 billion in 2022, according to people familiar with the matter, who asked not to be named discussing private information. The world’s most valuable start-up also grew sales to nearly US$120 billion from US$80 billion, the people said.
The results mark the first time that ByteDance has overtaken arch-rival Tencent both in revenue and profit as it leveraged its popular short-video platforms to expand into international e-commerce. While ByteDance’s internal figures have not been independently audited, they suggest the ad-churning social media juggernaut became one of the world’s fastest-growing tech giants in 2023.
A ByteDance spokesperson did not respond to a request for comment.
03:10
Protests at US Congress after House passes bill that could potentially ban TikTok nationwide
The owner of TikTok and Chinese twin Douyin last year cemented its position as one of China’s internet leaders, alongside Tencent and Alibaba, which have both struggled to rekindle growth at a time of economic uncertainty and consumer wariness in the country.
