ByteDance Matches Tencent’s $80 Billion Sales After TikTok Boom
- Revenue surges more than 30%, surpassing many internet firms
- Chinese firm is grappling with growing opposition to TikTok
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ByteDance Ltd.’s revenue surged more than 30% to surpass $80 billion in 2022, matching the tally at archrival Tencent Holdings Ltd. after twin video platforms TikTok and Douyin drew eyeballs and advertisers from social media incumbents.
The world’s most valuable private tech firm told its investors in a recent memo that revenue surged from around $60 billion in 2021, according to a person who saw the memo but asked to remain anonymous when discussing private information.