TikTok-owner ByteDance's profit jumped roughly 60% in 2023, Bloomberg News reported Wednesday, citing people familiar with the matter.

The company's earnings before interest, tax, depreciation and amortization (EBITDA) rose to more than $40 billion last year, from about $25 billion in 2022, the report said.

On March 13, the U.S. House of Representatives passed a bill that would lead to a nationwide ban of the popular video app TikTok if its China-based owner does not sell, as lawmakers acted on concerns that the company's current ownership structure is a national security threat.

The bill, passed by a vote of 352-65, now goes to the Senate, where its prospects are unclear.

TikTok, which has more than 150 million American users, is a wholly owned subsidiary of Chinese technology firm ByteDance.