ByteDance Profit Jumps 60%, Taking It Past Archrival Tencent [BNN Bloomberg (Canada)]
TENCENT HLDGS UNSP/ADR (TCEHY)
NASDAQ:AMEX Investor Relations:
tencent.com/en-us/investor.html
Company Research
Source: BNN Bloomberg
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. The results mark the first time that ByteDance has overtaken archrival Tencent both in revenue and profit, as it leveraged its popular short-video platforms to expand into international e-commerce and sustain its global popularity. While ByteDance's internal figures haven't 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. The owner of TikTok and Chinese twin Douyin last year cemented its position
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