2023: ByteDance's EBITDA increased 60% to $40B, surpassing Tencent revenue and profit for the first time.

TikTok-owner ByteDance's profit increased by approximately 60% in 2023, according to Bloomberg News, citing unnamed sources familiar with the matter. The company's earnings before interest, tax, depreciation, and amortization (EBITDA) reached over $40 billion last year, up from around $25 billion in 2022. ByteDance's revenue and profit surpassed those of its rival Tencent for the first time, demonstrating the company's growth and resilience amidst an economic downturn.