TikTok owner ByteDance sees its earnings double in 2020

TikTok owner ByteDance sees its earnings double in 2020
2 Min Read

Daily US Times: ByteDance, the parent company of popular Chinese 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 for 2020.

The figures underscore the app’s continued global popularity.

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

The Chinese company 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 1.9 billion monthly active users across all of its platforms as of December last year.

The massive popularity of TikTok has meant that ByteDance has been scrutinised by governments across the world, including in China and in the US.

Reuters reported on Thursday that an executive order signed by President Biden earlier this month would force some Chinese apps to take tougher measures to protect user data if they wanted to stay in the US market.

It came after the US president revoked an executive order from his predecessor Donald Trump that banned Chinese apps TikTok and WeChat in the US.

The ban faced a series of legal challenges in the US and never came into force.

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