ByteDance, the owner of TikTok, reported a significant financial performance for the year 2023, with its profit jumping approximately 60% to nearly $40 billion. This growth has allowed ByteDance to outpace its rivals Tencent and Alibaba in both revenue and profit. According to Bloomberg News, ByteDance's EBITDA also saw a 60% increase from the previous year, reaching $40 billion. Moreover, the company's sales surged from $80 billion to $120 billion, marking the first time ByteDance has surpassed Tencent in terms of revenue and profit.