ByteDance Profit Jumps 60%, Taking It Past Archrival Tencent
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 ...
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