ByteDance's Profit Soared 79%, Outperforming Alibaba and Tencent
Tencent (TCEHY, 0700.HK) posted EBITDA of 164 billion yuan ($23.9 billion) in its preliminary 2022 income statement, compared with Alibaba's (BABA) figure of about $22.7 billion for the same period, according to data compiled by Bloomberg.
ByteDance's win hit an all-time high last year, surpassing Chinese tech giant Tencent Holdings Ltd for the first time and Alibaba Group Holding Ltd., posting a 79% increase in EBITDA to approximately $25 billion in 2022. At the same time, Tencent reported 164 billion yuan ($23.9 billion) in EBITDA for 2022 in its preliminary income statement, compared with Alibaba's figure of about $22.7 billion for the same period, according to data compiled by Bloomberg.
Bloomberg reported last week that ByteDance's revenue would rise by more than 30% to more than $80 billion in 2022, on par with that of archrival Tencent, after two video platforms TikTok and Douyin drew more attention and attracted advertisers from existing social media platforms.
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