TikTok owner ByteDance profit jumps 60%

In March, the US House of Representatives passed a bill to ban TikTok in the US unless ByteDance sells its prized asset, though the measure faces a less certain outcome in the Senate.

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.

ByteDance’s profit surged roughly 60% in 2023, outpacing the growth of online peers Tencent and Alibaba in a sign of the TikTok owner’s resilience in the face of an economic downturn.

Earnings before interest, tax, depreciation and amortisation jumped to more than $40bn (€37bn) from about $25bn 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 $120bn from $80bn, the people said.