TikTok parent’s revenue grows as AI spending pressures profits

ByteDance’s artificial-intelligence spending pressured profit in the first half of the year, but the TikTok parent’s revenue accelerated as a U.S. regulatory overhang cleared, people familiar with the matter said.

Revenue rose more than 30% to $120 billion during the period, buoyed by growth in the company’s international advertising, livestreaming and TikTok e-commerce business, the people said. Net profit eased to $20 billion, they added.