Tiktok owner ByteDance saw its revenue increase 111% to $34.3 billion last year while having 1.9 billion monthly users across its media platforms, said incoming chief executive Liang Rubo on Thursday, reported the Financial Times.
ByteDance reported a surge in users across the world during global coronavirus lockdowns and Douyin was the company’s biggest revenue contributor.
The company record a yearly gross profit of $19 billion, an operating loss of $2 billion, and a net loss of $45 billion due to fair-value changes of shares and share-based compensation as well as investments in new businesses. By the end of the year, ByteDance had 110,000 employees.
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