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Bloomberg reports that according to sources, ByteDance’s profits will increase by about 60% in 2023, reaching US$40 billion, surpassing Tencent and Alibaba.
According to CP Insights data, ByteDance is worth approximately US$225 billion, with sales increasing from US$80 billion to nearly US$120 billion. This is the first time ByteDance has surpassed Tencent in revenue and profit.
Since launching TikTok in 2017, Bytedance has rapidly expanded its business into e-commerce and travel booking, and launched video editing applications. The company says it has 150,000 employees worldwide in nearly 120 cities.
(Source: AFP Image source: Unsplash)
