Bytedance owes much of its success to TikTok, now the online repository of choice for lip-synching and dance videos by American teens. The ambitious company is also pushing aggressively into a plethora of new arenas from gaming and search to music. — Dreamstime/TNS
TikTok’s parent ByteDance Ltd generated more than US$17bil (RM74.08bil) in revenue and more than US$3bil (RM13.07bil) of net profit last year, figures that show the world’s most valuable startup is still growing at a brisk rate, according to people familiar with the matter.
The revenue for last year was more than double the company’s tally of about US$7.4bil (RM32.24bil) in 2018, propelled by phenomenal growth in user traffic that’s drawn advertisers away from Tencent Holdings Ltd and Baidu Inc. The people asked not to be identified because the financial details are private.
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