ByteDance Ltd.’s profit surged roughly 60 percent in 2023, outpacing the growth of online peers Tencent Holdings Ltd. and Alibaba Group Holding Ltd. in a sign of the TikTok owner’s resilience in the face of an economic downturn.
Earnings before interest, tax, depreciation and amortization jumped to more than $40 billion from about $25 billion in 2022, according to people familiar with the matter, who asked not to be named discussing private information. The world’s most valuable startup also grew sales to nearly $120 billion from $80 billion, the people said.
In the domestic market, Douyin is morphing into an all-in-one platform akin to Tencent’s WeChat, with its added features encroaching on Alibaba’s ecommerce turf and competing with Meituan for food delivery orders. Even with the strong results, ByteDance decided to overhaul management of its China operations in February, with Kelly Zhang stepping down from the chief executive role without plans for appointing a successor.
That’s despite TikTok’s existential crisis in its most lucrative market. In March, the US House of Representatives passed a bill to ban TikTok in the US unless ByteDance sells its prized asset, though the measure faces a less certain outcome in the Senate. The presidential rematch between Joe Biden and Donald Trump later in the year, along with Beijing’s response, could also complicate matters.
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