ByteDance asserts more power within China’s BAT tech grouping as revenue growth beats Tencent, Alibaba: report

Key Information:
- ByteDance surpasses Baidu in China's BAT tech grouping.
- Q2 2023 revenue reaches $29 billion, a 40% YoY surge.
- ByteDance's growth outpaces Tencent and Alibaba, surpassing Tencent in total sales.
- ByteDance's H1 sales hit $54 billion, nearing Meta Platforms' $60.6 billion.
- ByteDance's aggressive push into online shopping contributes to growth.
- Tencent reports an 11% sales increase in Q2, with advertising growing by 34%.
- Alibaba's total sales in Q2 reach 234.16 billion yuan, with 14% YoY growth.
- ByteDance's surge aligns with a rise in advertising in China and its expansion into online shopping.

ByteDance – whose initial public offering plans remain in limbo – has been trying to diversify its revenue sources, including expanding into food deliveries and hotel reservations, as income growth slows amid economic headwinds. Douyin remains its biggest cash cow as the video forum has evolved to become an all-in-one app with the capacity for built-in purchases, online meal delivery and grocery features.