ByteDance was reported to have seen a 60% increase in profits last year.

Enlarge the pictureBloomberg cited informed sources as saying that the parent company of TikTok, ByteDance, saw a roughly 60% increase in profits in 2023, outpacing the growth pace of internet peers Tencent and Alibaba .

Informed sources said that ByteDance’s pre-interest, tax, depreciation, and amortization profits rose to more than $40 billion (about HK$312 billion), higher than about $25 billion in 2022. Revenue also increased from $80 billion to nearly $120 billion.