ByteDance profit surges 60% to US$40 billion, outpacing Tencent on TikTok fame
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ByteDance's profit surged roughly 60% in 2023, reaching over US$40 billion, with sales growing to nearly US$120 billion. This marks the first time ByteDance has surpassed Tencent in both revenue and profit. ByteDance leveraged its popular short-video platforms to expand into international e-commerce. The company's successful roll-out of TikTok Shop in markets like the US and Southeast Asia has unlocked new revenue sources beyond digital marketing. ByteDance is seeking to grow its e-commerce business tenfold this year in the US. However, ByteDance faces challenges, including the potential ban of TikTok in the US and elevated scrutiny in the country. The company has started to unwind risky bets and is focusing on generative AI. ByteDance's long-awaited stock market debut remains uncertain.
#Bytedance #Tiktok #Tencent #Alibaba #Ecommerce