ByteDance’s Profits Soar 80%, Surpassing Alibaba and Tencent for the First Time
ByteDance, the Chinese parent company of popular social media app TikTok, has reported record profits of USD 25 billion for 2022, surpassing those of tech giants Tencent and Alibaba for the first time. Despite ongoing losses in the TikTok business unit, ByteDance’s earnings before interest, taxes, depreciation, and amortization (EBITDA)…
bubmagApril 10, 2023