06-17-2021, 06:03 PM
- ByteDance’s revenue for 2020 totaled $34.3 billion, up 111% year-on-year.
- Its operating loss was $2.1 billion after posting a profit the year before.
- The rapid growth underscores the excitement around ByteDance, a private company, and why its valuation has reportedly been pegged north of $100 billion.
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GUANGZHOU, China — ByteDance, the owner of TikTok, saw its revenue for 2020 more than double, a person familiar with the matter told CNBC.
Revenue for last year totaled $34.3 billion, up 111% year-on-year, senior management at the company told employees in a company-wide meeting. Gross profit rose 93% to $19 billion, the person who attended the meeting said.
ByteDance had 1.9 billion monthly active users by the end of 2020 across all of its platforms — which include its widely popular short video app TikTok, the Chinese version Douyin, and news aggregation app Toutiao, among others.
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