TikTok and Melodrama ArchivesDouyin owner ByteDance is expected to achieve $110 billion in sales this year, as reported by Bloomberg on Wednesday, which cited a source with knowledge of the matter. The figure likely surpasses that of Tencent, the Chinese tech giant that generated $63.5 billion in the first three quarters of 2023. ByteDance’s growth rate this year is approximately the same as the 30% it achieved in 2022, according to the report. Although it’s unclear how well the Beijing-based company will perform in terms of net profit, the impressive revenue already demonstrates ByteDance’s resilience in a year when its flagship app TikTok faced security scrutiny in the US and a temporary suspension of e-commerce operations in Indonesia. [Bloomberg]
