According to sources of Financial Times The company made a profit of around $25 billion (as measured by EBITDA) last year, an increase of 79 percent compared to 2021.
This makes Bytedance overtake both Tencent and Alibaba as the most profitable tech company in China.
The turnover landed at over 85 billion dollars, which is an increase of more than 30 percent compared to the previous year.
Sales have been boosted as more and more advertisers have flocked to Tiktok and especially to its Chinese sister app Douyin. It is the latter that is the company’s main cash cow, while Tiktok, according to the newspaper, is running at a loss.
According to the Financial Times, the international part, which includes Tiktok, accounts for $15 billion of sales, while the Chinese part accounts for $70 billion.