Technology

TikTok owner ByteDance sees its earnings double in 2020

TikTok owner ByteDance sees its earnings double in 2020

ByteDance, the Chinese company behind the smash-hit video app TikTok, saw its earnings double last year.

An internal memo released to staff showed that the firm’s total revenue jumped by 111% to $34.3bn (£24.7bn) for 2020.

The figures underscore TikTok’s continued global popularity.

It comes as ByteDance and several other Chinese technology giants have come under increasing pressure from governments around the world.

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ByteDance also saw its annual gross profit rise by 93% to to $19bn, while it recorded a net loss of $45bn for the same period.

The net loss was attributed to a one-off accounting adjustment and not related to the company’s operations.

The memo also showed that ByteDance had around 1.9bn monthly active users across all of its platforms as of December last year.

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