ByteDance Profit Jumps 60%, Taking It Past Archrival Tencent
- Revenue at TikTok owner also grew substantially in 2023
- Company’s US business is being challenged by lawmakers
ByteDance's Douyin app.
Photographer: Yan Cong/BloombergThis article is for subscribers only.
ByteDance Ltd.’s profit surged roughly 60% in 2023, outpacing the growth of online peers Tencent Holdings Ltd. and Alibaba Group Holding Ltd. in a sign of the TikTok owner’s resilience in the face of an economic downturn.
Earnings before interest, tax, depreciation and amortization jumped to more than $40 billion from about $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 startup also grew sales to nearly $120 billion from $80 billion, the people said.