TikTok’s parent company, ByteDance, posted a remarkable 60% profit increase in 2023, surpassing rivals Tencent and Alibaba.

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EBITDA soared to over US$40 billion, up from US$25 billion the previous year.

Revenue nearly doubled to US$120 billion, solidifying ByteDance’s status as a tech titan.

This growth, driven by its short-video platforms and e-commerce expansion, outpaces the industry despite economic headwinds.

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