ByteDance's profit was up 79% in 2022, beating Tencent and Alibaba.
The Chinese tech company's profit surpassed that of its more established rivals despite facing losses from its TikTok business unit.
- ByteDance's Earnings before interest, tax, depreciation, and amortization (EBITDA) rose to $25B in 2022.
- The company's sales reached almost $85B, a 30% increase from 2021.
- ByteDance's short-form video platform TikTok sustained losses after failing to meet revenue expectations.
- TikTok continues to be viewed as important for its parent company's future profit due to its fast growth.
- ByteDance generated about 80% of its revenue from the Chinese market.
- Tencent and Alibaba are still facing the effects of a government crackdown on Chinese big tech firms that began in 2020.
- The Biden administration threatened to ban TikTok in the U.S. over its suspected links to China's government.