TikTok Creates $ 34 Billion Profit In 2020 - Kakiforex.com - Financial Market Media No. 1 in the World TikTok Creates $ 34 Billion Profit In 2020 TikTok Creates $ 34 Billion Profit In 2020
InstaForex

June 21, 2021

TikTok Creates $ 34 Billion Profit In 2020

 Despite facing various pressures, the company behind TikTok's application operation, ByteDance, saw its revenue double last year.


Through an internal memo issued to the company's staff, ByteDance's total revenue jumped 111% to US $ 34.3 billion last year.


The figure shows the continued popularity of TikTok.


ByteDance also saw its annual gross profit increase by 93% to US $ 19 billion despite recording a net loss of US $ 45 billion over the same period.



The net loss was due to a ‘one-off’ accounting adjustment and was not related to the company’s operations.


In addition, the memo also shows that ByteDance has a total of 1.9 million active users per month on all its platforms until December last year.


Last Thursday, Reuters reported an executive order signed by US President Joe Biden earlier this month would urge some Chinese apps to take tougher measures to protect consumer data if they want to remain in the US market.


Biden also instructed the U.S. Department of Commerce to examine applications developed by foreign countries such as China.


According to Biden, an ‘evidence -based approach’ needs to be taken if there are applications that risk threatening US national security.