ByteDance’s revenue exceeds 100 billion euros, surpassing Tencent

The Chinese company ByteDanceOwner of TikTok, Sales exceeded 110,000 million dollars (100,400 million euros) in 2023. For the first time, The company will surpass Asian giant Tencent in salesWorld leader in video games and owner of WeChat, as stated Bloomberg knowledgeable sources.

The growth of the world’s most valuable startup is linked to the 30% growth rate it achieved in 2022, reporting revenues of more than 80,000 million dollars (73,047 million euros). This increase occurred despite lto economic turmoil in China and increased controls and restrictions in key markets from the United States to India.

30% annual growth

On the other hand, with a 30% annual progress, this growth of ByteDance would have managed to surpass the pace of its most established competitors on social networks, as Meta Platforms and Tencent, which are expected to receive 86,000 million dollars in revenue (78,526 million euros) this year.

In 2023, the owner of TikTok and its Chinese twin Douyin strengthened its position as alongside Tencent and Alibaba Group Holding, one of China’s leading internet providers. To do this, the company leveraged the popularity of its social video platforms to expand into e-commerce.

Still, it remains unclear how ByteDance has performed in terms of profitability. This is because, as a private company, it requires fewer disclosure and audit requirements compared to its publicly traded competitors.

In this sense, the Financial Times reported in April that they made a profit of around 25,000 million dollars (22,827 million euros) in 2022. Furthermore, their profits increased by 79% compared to 2021.

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