Photo credit: ByteDance

Despite a year filled with regulatory challenges, ByteDance‘s earnings soared in 2023 as its EBITDA rose to over US$40 billion, people familiar with the matter told Bloomberg. That marks a 60% increase from the prior year for the China-based parent firm of short-video app TikTok.

ByteDance is also gaining on its rivals. Its sales grew from US$80 billion to around US$120 billion, allowing it to overtake Tencent in revenue and profit for the first time, the sources added.