ByteDance, TikTok’s parent company, grew its revenue by 40% to hit US$29 billion in Q2. In the same period, Meta Platforms’ revenue rose by 11% to US$32 billion. ByteDance’s growth largely comes from advertising and ecommerce.

ByteDance has also overtaken Chinese rival Tencent in terms of total sales in the quarter. Alibaba, however, remains ahead of ByteDance.