Drew Angerer
TikTok parent ByteDance’s (BDNCE) sales soared over $110B in in 2023, potentially overtaking competitor Tencent (OTCPK:TCEHY) (OTCPK:TCTZF), Bloomberg News reported citing people with knowledge of the matter.
The privately held company’s growth largely matched the 30% pace it managed in 2022, wherein it reported sales of over $80B, the report added. The growth was in spite of economic uncertainties in China and higher scrutiny and restrictions in certain markets, the report added.
ByteDance has gained ground as one of China’s top tech companies using the popularity of its social video services, TikTok and Chinese counterpart Douyin, to expand into e-commerce and other areas.
At about 30%, ByteDance is expected to outgrow the anticipated growth of social media rivals such as Tencent, which is expected to generate about $86B in revenue in 2023, and Meta Platforms (META), the report noted.
ByteDance’s earnings before interest, tax, depreciation and amortization rose 79% to about $25B in 2022, the Financial Times reported in April, citing investors briefed on the figures.
Earlier this month, reportedly, Alibaba (BABA) invested $634M, bringing the total to more than $1.8B for the year, in Singapore-based e-commerce unit Lazada amid intense competition with TikTok and others in the Southeast Asian market. is facing competition in the Southeast Asian country from the likes of TikTok and Shopee operated by Singapore-based Sea (SE).
On Wednesday, Alibaba (BABA) said CEO Eddie Wu will head domestic e-commerce units Taobao and Tmall Group, effective immediately. Wu had been named Alibaba’s (BABA) group CEO in September and also took the helm of its cloud business, replacing Daniel Zhang.
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