TikTok’s owner doubles sales to US$35bil despite US ban


ByteDance’s phenomenal growth stems from the global success of teen phenom TikTok and its Chinese twin Douyin, which helped pioneer a new form of social video and undercut rivals from Facebook Inc to Tencent Holdings Ltd. — Reuters

ByteDance Ltd’s revenue more than doubled to about US$35bil (RM141.56bil) last year, defying heightened global competition and Trump’s attempt to ban its signature video service TikTok in the US.

The Chinese company managed to grow operating profit to roughly US$7bil (RM28.31bil) in 2020 from less than US$4bil (RM16.17bil) the prior year, a person familiar with the matter said. That’s in a year when former US president Donald Trump sought to ban TikTok and force its sale to American investors led by Oracle Corp. With Joe Biden in office, the company is moving closer toward listing part of its social media empire in Hong Kong. The Information first reported on ByteDance’s 2020 financials.

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
   

Next In Tech News

Diehard gamers are fuelling demand for esports hotels in China
When AI’s output is a threat to AI itself
Beware of crypto scams on Bluesky, already a victim of its own success
What forcing Google to sell Chrome could mean
To maintain growth, AI firms seek accords with publishing giants
Australia PM plays down privacy fears of social media ban for children
Trump pick Lutnick's firm in talks with Tether for $2 billion bitcoin lending project, Bloomberg reports
Growing social media app vows to shake up ‘toxic’ status quo
US plans to reduce Intel's $8.5 billion federal chips grant below $8 billion - New York Times
Opinion: Ultimate Fakebook

Others Also Read