ByteDance, owner of video sharing app TikTok, saw its revenue grow 111 per cent to 34.3 billion for the 2020 financial year.

The Beijing-based company also reported a 93 per cent increase in gross profit to $19 billion for 2020.

ByteDance claims to have had 1.9 billion monthly active users at the end of 2020 across all its platforms — including the Chinese version of TikTok Douyin, and news aggregation app Toutiao.

Overall, Bytedance reported a net loss of $45 billion last year, which the company attributed to a one-off accounting adjustment.

The company reported an operating loss of $2.1 billion, down from $684 million in 2019, which it attributed to the cost of compensating shareholders.

TikTok for Business, the video apps marketing solutions division, claim that one in four Britons uses TikTok every month, and that 17 million spend over an hour a day on the app.

The news comes after sources told Reuters in July that ByteDance was considering an initial public offering (IPO) in Hong Kong or Shanghai at a valuation of around $100 billion.

In May, TikTok appointed Chew Shou Zi, previously president of Chinese smartphone maker Xiaomi, as its newest chief executive.

Share Story: