In brief: Bytedance works on Slack rival despite heavy loss

• Despite heavy losses last year, Bytedance is quietly laying the groundwork to launch Lark – a work collaboration and productivity app – in the US and other overseas markets. The move poses a potential challenge to the likes of Slack, Microsoft, and Google.
• Bytedance reportedly lost US$1.2 billion in 2018 after the costly launch of its video app TikTok outside of China. Results of the expansion were mixed as TikTok became widely used in India but not in the US.
• Lark was originally created as an in-house tool for Bytedance employees, but it’s now used by many of its business partners in China. The app comes with instant messaging, document editing, and calendars. Third-party developers can also make apps for it.

Source: The Information