ByteDance said to outpace its peers

ByteDance's profit reportedly surged roughly 60 percent in 2023, outpacing the growth of online peers Tencent (0700) and Alibaba (9988), though the TikTok owner denied the figures.

Earnings before interest, tax, depreciation and amortization jumped to more than US$40 billion (US$312 billion) from about US$25 billion in 2022, according to people familiar with the matter. The world's most valuable startup also grew sales to nearly US$120 billion from US$80 billion, the people said.

It even came after the United States imposed elevated restrictions on the company, including a bill to ban TikTok in the US unless ByteDance sells its prized asset.

The results mark the first time that ByteDance has overtaken archrival Tencent both in revenue and profit, as it leveraged its popular short-video platforms to expand into international e-commerce and sustain its global popularity. While ByteDance's internal figures haven't been independently audited, they suggest the ad-churning social media juggernaut became one of the world's fastest-growing tech giants in 2023.

ByteDance later clarified that the reported data is not real.