ByteDance Ltd. has clinched an unprecedented achievement, as the company's profits skyrocketed to an all-time high, surpassing China's leading technology giants, Tencent Holdings Ltd and Alibaba Group Holding Ltd.
According to a recent memo disclosed to its investors, ByteDance's revenue soared more than 30% in 2022, exceeding USD $80 billion. In 2021, ByteDance's revenue was approximately USD 60 billion, an increase of nearly 70-80% compared to 2020.
Domestically, ByteDance competes with companies such as Alibaba, Tencent, and Meituan, all competing for consumers' attention and willingness to pay under the changes in the epidemic in recent years. Additionally, due to the economic downturn, each company is taking unprecedented cost control and efficiency enhancement measures. Specifically, Tencent's fiscal year 2022 revenue is CNY 554.6 billion, a 1% decrease compared with CNY 560.1 billion in the fiscal year 2021. At this pace, ByteDance will soon surpass Tencent in revenue in the next fiscal year 2023 without splitting the business.
Internationally, ByteDance's double-digit growth has surpassed most of the global Internet giants, including Meta Platforms and Amazon.com. Meta's revenue in the fiscal year 2022 was USD$116.6 billion, a decrease of 1% compared with USD 117.9 billion in the fiscal year 2021. Throughout 2022, Amazon's net sale was USD 514 billion, a year-over-year increase of 9%.
The impressive pace of expansion of ByteDance's business is a testament to its resilience in the face of mounting concerns over TikTok's future. With the United States government joining India in threatening to ban the popular social media platform, an increasing number of governmental agencies worldwide are taking steps to remove TikTok from official phones. Despite this tumultuous climate, ByteDance's steadfast growth signals an unwavering commitment to maintaining its foothold in the industry.