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ByteDance Surpasses Tencent with Sales Exceeding US$110 Billion as TikTok Expands into E-commerce
In a remarkable feat, ByteDance, the parent company of popular social media platform TikTok, has reported sales surpassing US$110 billion.
This surge in sales indicates that ByteDance may have overtaken its rival Tencent Holdings, solidifying its position as one of China's largest corporations.
According to sources familiar with the matter, ByteDance's sales growth in 2023 matched the impressive pace of 30% seen in the previous year. Despite economic challenges and increased scrutiny in key markets, ByteDance's e-commerce business, driven by TikTok, continues to fuel its growth.
ByteDance has emerged as a dominant player in China's internet landscape, alongside tech giants Tencent and Alibaba. Leveraging the popularity of its social video services, ByteDance has successfully expanded into the realm of e-commerce and other sectors. With a projected growth rate of approximately 30%, ByteDance is expected to outpace established social media rivals such as Meta Platforms and Tencent, which is estimated to generate US$86 billion in revenue this year.
While the profitability of ByteDance has not been disclosed, the sheer scale of its sales suggests that it has become one of China's largest corporations in terms of revenue. In 2022, the company's earnings before interest, tax, depreciation, and amortisation surged by an impressive 79% to around US$25 billion, according to reports.
ByteDance's success is a testament to the growing influence of social media platforms and their ability to diversify into various sectors. TikTok, in particular, has achieved a significant milestone by becoming the only non-game app to join the exclusive US$10 billion club.
As a private firm, ByteDance has fewer disclosure and audit requirements compared to its listed rivals. However, its remarkable sales figures indicate that the company has achieved remarkable growth and solidified its position as a major player in the global tech industry.
With its continued expansion into e-commerce and other spheres, ByteDance is poised to maintain its upward trajectory. As the company continues to innovate and capture the attention of millions of users worldwide, it is likely to reshape the digital landscape and further establish itself as a powerhouse in the tech industry.
ByteDance, the parent company of TikTok, has reported sales exceeding US$110 billion.
The company's sales growth matches the pace of 30% seen in the previous year.
ByteDance's e-commerce business, driven by TikTok, is a significant contributor to its growth.
ByteDance has become one of China's largest corporations, leveraging the popularity of its social video services.
Source: SCMP