Sunday, 2024 March 3

CHINA BRIEF | TikTok owner ByteDance’s 2019 net profit exceeded USD 3 billion

TikTok owner ByteDance raked in net profits over USD 3 billion globally last year, as it more than doubled its revenues from 2018’s USD 7.4 billion to USD 17 billion, Bloomberg reported on Wednesday, citing sources familiar with the matter.

According to the report, the rapidly-growing startup with a valuation of over USD 100 billion has a cash pile of USD 6 billion on hand.

TikTok had fetched over 2 billion downloads in app stores worldwide by the end of last month and generated a revenue of more than USD 78 million in April, more than 10 times the amount in the same period in 2019. It even surpassed YouTube to be the world’s top-grossing non-game app, per data from industry data tracker Sensor Tower.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.

Wency Chen
Wency Chen
Wency Chen is a reporter KrASIA based in Beijing, covering tech innovations in&beyond the Greater China Area. Previously, she studied at Columbia Journalism School and reported on art exhibits, New York public school systems, LGBTQ+ rights, and Asian immigrants. She is also an enthusiastic reader, a diehard fan of indie rock and spicy hot pot, as well as a to-be filmmaker (Let’s see).

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