Chinese internet company Bytedance, best known for its video platform Tiktok, dramatically increased its profits by 60 percent last year, according to a media report. As the financial news agency Bloomberg reported on Wednesday, earnings before interest, taxes, depreciation and amortization rose to around 40 billion dollars (36.8 billion euros). Bytedance also outperformed Chinese internet giants Tencent and Alibaba.
Since Bytedance was founded twelve years ago, the company has rapidly developed into one of the world’s largest and most valuable technology groups. According to Bloomberg, sales rose to nearly $120 billion last year, up from $80 billion the year before. This means that Bytedance overtook its rival Tencent for the first time, both in terms of revenue and profit.
Bytedance itself has not released financial figures for 2023. When asked, the company said it would not comment on “market speculation.”
Bytedance launched the Tiktok app in 2017, which is also popular in this country. In just four years it reached the one billion user mark. The app was available as a Chinese version in its own country a year earlier. Tiktok has repeatedly been the subject of security concerns; it is under increasing political pressure in the EU and the US.
Bytedance is also active in the field of online commerce and travel and, according to its own information, employs more than 150,000 people in almost 120 cities worldwide.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
