Chinese owner of TikTok ByteDansannounced the huge profits it made in 2023. The company’s profits rose 60% last year, leaving its biggest rivals Tencent and Alibaba Group behind. The company’s profit, without deducting costs such as taxes and depreciation costs 40 billion dollars passed. The company’s revenue reached $120 billion.

So ByteDansin a sense its greatest rival Tencent It was surpassed for the first time in both revenue and profit. Although ByteDance’s annual accounts have not been examined by independent accountants, the social media giant says 2023 in the year It is believed to be one of the fastest growing technology companies.

ByteDance is also active in the Chinese market

TikTok and its Chinese sister Douyin became the rulers of the Chinese internet last year. While the growth of Tencent and Alibaba stalled due to economic uncertainty in the country, ByteDance turned Douyin into an ‘all-in-one’ platform. Like Alibaba in practice Unpleasant–trade With its features such as food ordering applications and applications, Douyin stood out in many ways in direct competition with Tencent and Alibaba.

TikTok store USA And South East Asia After the successful launch in other regions, the company’s revenues managed to cross the boundaries of digital marketing. ByteDance wants to multiply its sales in the US this year. The company also increased its profitability by focusing on artificial intelligence while downsizing its gaming and enterprise software divisions.

On the other hand, not everything is sunny for the company. Special in America And in the EU This practice, which is often the focus of criticism, is the target of sanction requests.