ByteDance’s First-Half Profit Drops to $20 Billion, Weighed Down by AI Spending

ByteDance's net profit for the first half of the year fell by a single-digit percentage to $20 billion, according to sources familiar with the financial results. The decline comes as the company increased investments in artificial intelligence. Revenue for the period rose about 30% year on year to $120 billion, driven by growth in international advertising and e-commerce revenue from TikTok. Last year, ByteDance's revenue grew 29% to about $200 billion, and net profit rose 27% to $42 billion.

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