ByteDance sales surged above $110 billion in 2023 - Bloomberg News

Investing.com -- TikTok-owner ByteDance's sales climbed to more than $110 billion this year, suggesting a possible growth rate greater than rival Tencent, according to a Bloomberg News report.

Citing unnamed people familiar with the matter, Bloomberg said that ByteDance broadly matched the 30% increase in sales it registered in 2022, when the top-line figure was over $80 billion. Peer Tencent is seen posting $86 billion in revenue this year, the report said.

But it was not clear how profitable ByteDance was this year, Bloomberg noted. ByteDance, a privately-held company, is not required to disclose as much information as listed firms.

The report comes as ByteDance faces heavy scrutiny from governments around the world over TikTok, the short-form video app that has turned into a social media megahit. Authorities in the U.S. have been especially skeptical, flagging that TikTok's Chinese ownership may present national security concerns. TikTok is working to establish a standalone entity in the U.S. that will manage local user data, Bloomberg said.

Elsewhere, the company's Douyin division -- TikTok's counterpart in mainland China -- has been introducing more services on the platform that will allow users to perform functions like food orders and hotel reservations. However, China's post-pandemic recovery has remained sluggish, with consumer spending particularly lackluster.