Phoenix Technology News On April 11, according to The information, citing people familiar with the matter, ByteDance's net profit in 2024 was US$33 billion, a year-on-year increase of only 6%, and the growth rate dropped sharply compared with 2023.

When disclosing 2024 results, ByteDance executives told some investors that the company's profit margins have reached its peak as the company plans to increase investment in artificial intelligence in the next few years, according to people familiar with the matter. ByteDance's net profit margin has dropped from 26% in 2023 to 21% in 2024.

The information said the numbers reflect a sharp slowdown in ByteDance's growth. Both the increase in net profit and the slowdown in profit margins reflect the increase in spending on the company's artificial intelligence field and US e-commerce business.

However, at the same time, ByteDance's overseas business revenue (mainly TikTok) increased by 63% in 2024 to $39 billion. As the company's business growth slows down, overseas revenue in 2024 has accounted for one-quarter of ByteDance's total revenue , the highest proportion in history.

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