People familiar with the matter: ByteDance's revenue in the first half of this year grew about 30% year-on-year, reaching $120 billion.

ByteDance increased its investment in artificial intelligence, causing net profit to decline by a single-digit percentage in the first half of this year to $20 billion, according to three people familiar with the financial data. Revenue rose about 30% year-on-year to $120 billion in the same period, partly driven by strong growth in TikTok's international advertising and e-commerce revenue, the people said. That means ByteDance's growth rate picked up slightly compared with the past two years. ByteDance's revenue grew 29% last year to about $200 billion, with a similar pace in 2024, and net profit rose 27% last year to $42 billion, the people said. The figures also show that ByteDance's revenue is catching up with Meta Platforms. Meta's revenue also grew 30% in the first half to $117 billion. The valuation gap between the two companies remains stark: Meta has a market value of $1.7 trillion, while ByteDance is valued at about $630 billion, according to CapLight data tracking secondary market transactions.