ByteDance’s revenue surged more than 30% to surpass $80 billion in 2022, matching the tally at arch-rival Tencent Holdings after twin video platforms TikTok and Douyin drew eyeballs and advertisers from social media incumbents, reports the South China Morning Post.
The world’s most valuable private tech firm told its investors in a recent memo that revenue surged from around $60 billion in 2021, according to a person who saw the memo but asked to remain anonymous when discussing private information.
That double-digit growth topped most of the global internet leaders including Meta Platforms and Amazon.com. At the $80 billion mark, ByteDance’s top-line is now almost on par with that of WeChat operator Tencent, which raked in RMB 554.6 billion ($80 billion) last year. Representatives with ByteDance did not respond to a request for comment on its financials, which were first reported by The Information.
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