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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.

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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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June 23, 2021 Sirr_Kollins

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