According to Gizcoupon news on April 10, according to a report by the financial news agency Caixin, Chinese internet company ByteDance achieved rapid growth in performance once again in 2022, with profit indicators surpassing the old giants Tencent and Alibaba.
Two investors who obtained the company’s report revealed that the EBITDA of ByteDance (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached nearly $25 billion in 2022 (approximately RMB 171.75 billion at current exchange rates), a whopping 79% increase from the previous year’s $14 billion (approximately RMB 96.18 billion). This also means that ByteDance’s financial data has surpassed that of Tencent and Alibaba, the two old-tech giants.
According to statistics, Tencent and Alibaba’s EBITDA in 2022 was RMB 164 billion and $22.5 billion (approximately RMB 154.57 billion), respectively.
Investors also revealed that ByteDance’s revenue maintained a nearly 30% year-on-year growth rate. It reaches $85 billion, demonstrating that advertisers continue to increase investment in the short video platforms Douyin and TikTok.
Gizcoupon noted that The Information, a technology media outlet, also provided similar data last week. It was reported that ByteDance’s revenue in 2022 increased by 30% year-on-year to “over $80 billion.” ByteDance’s revenue in 2021 was close to $60 billion.
Against the backdrop of soaring profits and major adjustments in the industry, ByteDance’s valuation has surpassed that of Alibaba, but it still lags behind Tencent, whose stock price has doubled in the past six months.
