News Snapshot:
ByteDance Ltd.’s profit last year soared to a record, surpassing that of China technology giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd. for the first time, the Financial Times reported. Earnings before interest, tax, depreciation and amortization, or Ebitda, jumped 79% to about $25 billion in 2022, the report said, citing two investors briefed on the numbers. Tencent reported Ebitda of 164 billion yuan ($23.9 billion) for 2022 in its preliminary earnings statement, while Alibaba’s figure for the same period is about $22.7 billion, according to Bloomberg-compiled data. Bloomberg reported last week that ByteDance’s revenue surged more than 30%...
