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Did ByteDance Really Overtake Tencent in 2023 Revenue?

ByteDance may have passed Tencent in 2023 revenue, but the widely reported figures were estimates from private sources—not a confirmed, audited comparison.
From TheFinanceBase Team3 min to read

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Not as a confirmed, audited result. Bloomberg reported in December 2023 that ByteDance’s sales were expected to exceed US$110 billion and could pass Tencent’s, based on unnamed sources familiar with ByteDance’s figures. A later report put ByteDance’s 2023 revenue at US$120 billion, but that too was an estimate—not a public audited result.

What the $110 billion headline actually said

On December 20, 2023, Bloomberg reported that ByteDance’s 2023 sales were expected to exceed US$110 billion, potentially moving ahead of Tencent. The figure came from people familiar with the matter; ByteDance’s figures were not public, and the report said they had not been independently audited. Bloomberg’s report therefore described an expectation based on private information, not a final figure disclosed by ByteDance.

In the same comparison, Bloomberg estimated Tencent’s 2023 revenue at US$86 billion. That was Bloomberg’s estimate, not Tencent’s official reported total. The Business Times’ account of the Bloomberg report likewise framed ByteDance as being on course to overtake Tencent rather than presenting a completed, audited comparison.

Why a later report put ByteDance at $120 billion

On March 15, 2024, Reuters relayed a Financial Times report that ByteDance generated US$120 billion in revenue in 2023, about 40% more than a year earlier. The FT figure was attributed to five people with knowledge of the matter. It is a separate, later estimate—not a correction supported by a public audited filing. The different figures reflect different reporting dates and sources, so neither should be presented as ByteDance’s confirmed audited 2023 revenue. Reuters’ report, republished by Investing.com, also cited a separate estimate of US$16 billion in TikTok US revenue in 2023.

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What Tencent’s official results establish

Tencent publishes annual results, providing a different level of disclosure from the privately sourced ByteDance estimates. In its official FY2023 results announcement, Tencent reported its results for the year ended December 31, 2023, in renminbi. Its chairman and CEO, Ma Huateng, described operating developments that year: “In 2023, we achieved breakthroughs in a number of products and services, as Video Accounts’ total user time spent more than doubled, enhancements to our advertising AI model significantly improved our targeting performance, and international contribution to our games revenue reached a record 30%.” Tencent’s FY2023 results announcement is the primary source for its own figures and business context.

For a later reference point, Tencent’s FY2024 results announcement reported revenue of RMB660.3 billion (US$91.9 billion), up 8% over 2023. That is Tencent’s company-reported FY2024 result; it does not verify ByteDance’s revenue estimate for the prior year. Tencent’s FY2024 results announcement gives the later figure.

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What may have driven ByteDance’s growth—and what remains unknown

Coverage identified expansion in e-commerce around TikTok and Douyin, alongside broader online services, as growth context. The cited reports do not provide an audited segment breakdown showing how much each activity contributed. The estimates are therefore not enough to quantify the effect of any one business line or to compare the companies’ profitability.

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How to read the comparison

Figure What it represents Disclosure basis
ByteDance: more than US$110 billion Expected 2023 sales, reported December 20, 2023 Bloomberg report based on unnamed sources familiar with the matter; not a public, independently audited result
ByteDance: US$120 billion Estimated 2023 revenue, reported March 15, 2024; about 40% above the prior year Financial Times figure relayed by Reuters and attributed to five people with knowledge; not a public audited filing
Tencent: US$86 billion Estimated 2023 revenue in Bloomberg’s contemporaneous comparison Bloomberg estimate, not Tencent’s official reported total
Tencent: RMB660.3 billion (US$91.9 billion) Company-reported FY2024 revenue, up 8% over 2023 Tencent’s official FY2024 results announcement; a later period, not a verification of ByteDance’s 2023 estimate

These figures do not all have the same reporting date, currency basis, or disclosure quality. The headline’s “overtaking” claim is best understood as a conclusion based on private estimates at the time, not proof from two comparable audited annual reports. Revenue alone also says nothing conclusive about which company was more profitable, more valuable, or stronger overall.

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