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Deepti Sri · · 1 min readSources: ByteDance revenue more than doubles in 2020
“TikTok owner ByteDance’s total revenue hit US$34.3 billion in 2020, up 111% from 2019,” Reuters reported, citing a source that attended a ByteDance staff meeting.
Details:
- According to the person, the company’s gross profit stood at US$19 billion, up 93% from the previous year.
- Meanwhile, ByteDance will reportedly post an operating loss of US$2 billion for the year and a net loss of US$45 billion.
Context:
- The development comes after reports stated that the company’s revenue last year more than doubled to about US$37 billion on the back of robust growth in ad sales by its Chinese apps.
- Zhang Yiming, co-founder of ByteDance, also stepped down as the company’s CEO earlier this year, with ByteDance’s then head of human resources Liang Rubo taking the helm.
Editing by Miguel Cordon and Jaclyn Tiu
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