ByteDance Ltd. witnessed a remarkable 60% surge in profits in 2023, surpassing industry giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd. Earnings before interest, tax, depreciation, and amortization soared to over $40 billion, with sales climbing to nearly $120 billion. Despite its success, ByteDance faces challenges, including regulatory scrutiny and the potential ban of TikTok in the US.
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