ByteDance, the parent company of TikTok, showcased a robust profit increase of nearly 60% in 2023, surpassing competitors like Alibaba and Tencent in China's tech sector.

Bloomberg, citing sources familiar with the matter who requested anonymity, reported that ByteDance's EBITDA skyrocketed to over $40 billion in 2023, up from $25 billion a year earlier.

Meanwhile, the world's highest-valued startup witnessed its sales nearly shoot up to $120 billion from $80 billion in the same timeframe.

Bloomberg notes that 2023 marked the first time ByteDance exceeded Tencent in both revenue and profitability. This success is attributed to its popular short-video platform's expansion into international e-commerce, maintaining its global popularity.

ByteDance did not respond to Bloomberg's request for comment.

However, the agency notes that TikTok's owner solidified its position as a leader in China's tech industry alongside Tencent and Alibaba, both struggling to boost growth amidst economic uncertainty and consumer caution.

In China's market, Douyin, TikTok’s Chinese version, is evolving into a multifunctional platform similar to Tencent's WeChat. It incorporates features encroaching on Alibaba's e-commerce territory while competing with Meituan for food delivery orders.

Despite its strong performance, ByteDance decided to restructure its management in China in February. Kelly Zhang stepped down from her CEO role, with no plans announced for a successor.

Internationally, TikTok Shop's successful expansion in markets like the USA and Southeast Asia has generated new revenue streams beyond marketing. Notably, TikTok aims to tenfold its e-commerce in the USA this year, targeting its 170 million users in the country.