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ByteDance's revenue for the first half of the year reached $120 billion, a 30% year-on-year increase, closely trailing Meta. Net profit declined by a single-digit percentage year-on-year to $20 billion, dragged down by AI investments.
According to tech media outlet The Information, ByteDance's revenue in the first half of the year was almost on par with Meta's $117 billion. To support its investment in AI infrastructure, ByteDance recently secured approximately $30 billion in its largest-ever bank loan.
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