ByteDance’s Sales Break $110 Billion to Pass Tencent in 2023
- TikTok’s Chinese owner expects revenue growth of about 30%
- World’s biggest startup expands in commerce, online services
ByteDance is banking on its Chinese home base to bankroll a global and business expansion in 2024.
Photographer: Ore Huiying/BloombergByteDance Ltd.’s sales surged in 2023 to more than $110 billion, according to people familiar with the matter, potentially overtaking arch-foe Tencent Holdings Ltd. in a sign TikTok’s fledgling e-commerce business is driving growth at a time of economic malaise.
The world’s most valuable startup’s growth broadly matched the 30% pace it managed in 2022, when it reported sales in excess of $80 billion, the people said, asking not to be identified as the information isn’t public. That’s despite economic turbulence in China and elevated scrutiny and restrictions in key markets from the US to India.