ByteDance's 2023 financial results mark the first time the TikTok owner has overtaken Tencent both in revenue and profit.
surged roughly 60% in 2023, outpacing the growth of online peers Tencent Holdings and Alibaba Group in a sign of the TikTok owner’s resilience in the face of an economic downturn.
The results mark the first time that ByteDance has overtaken arch-rival Tencent both in revenue and profit, as it leveraged its popular short-video platforms to expand into international e-commerce and sustain its global popularity. 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.A ByteDance spokesman did not respond to a request for comment.
In the domestic market, Douyin is morphing into an all-in-one platform akin to Tencent’s WeChat, with its added features encroaching on Alibaba’s ec-ommerce turf and competing with Meituan for food delivery orders. Even with the strong results, ByteDance decided to overhaul management of its China operations in February, with Kelly Zhang stepping down from the CEO role without plans for appointing a successor.
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