ByteDance Hit $3 Billion in Net Profit Last Year

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ByteDance Hit $3 Billion in Net Profit Last Year
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ByteDance achieved over $17 billion of revenue in 2019
  • The Chinese startup’s phenomenal growth will propel IPO value
  • TikTok’s parent ByteDance Ltd. generated more than $3 billion of net profit on over $17 billion in revenue 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 $7.4 billion 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.

    ByteDance has emerged as one of the tech industry’s most surprising success stories, an innovative Chinese company that is challenging the global dominance of U.S. internet giants. It draws some 1.5 billion monthly active users to a family of apps that includes the TikTok short-video platform, its Chinese twin Douyin and the news service Toutiao. This month, the company poached Walt Disney Co.streaming czar Kevin Mayer to become chief executive officer of TikTok.
  • Source:https://www.bloomberg.com/
 
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