ByteDance, owner of TikTok, makes annual revenue of $34.3 Billion

ByteDance Ltd., the proprietor of the very famous short-video app TikTok, has told its old employees that the revenue of the company has doubled to around $34.3 billion over the last year.

ByteDance was founded in 2012 by Zhang Yiming, a Chinese entrepreneur and has managed to raise billions of dollars from investors across the globe including KKR & Co., Sequoia Capital, and General Atlantic. This just emphasizes the fact that the Chinese technology behemoth is one of the world’s most viral startups.

The company shared highlights of its financial performance for the year 2020 with its employees on Thursday. ByteDance mentioned that its cumulative revenue grew by 111% since last year, while the gross profits advanced by 93% to $19 billion, as per the quotations of a company memo which was viewed by The Wall Street Journal. The net loss of the company for the year 2020 is calculated to around $45 billion. This was principally due to an accounting adjustment that the company made for an improvement in the value of its convertible redeemable preferred shares.

As of December 2020, ByteDance had approximately $1.9 billion, active users, monthly spanning across all its platforms. In addition to TikTok, the company also operates viral apps such as Douyin, the domestic Chinese equivalent of TikTok, and a news collection app called Jinri Toutiao.

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