ByteDance sees its earnings double in 2020
An internal memo released to staff showed that the firm's total revenue jumped by 111% to $34.3 billion for 2020
Photo: Reuters
ByteDance, the Chinese company behind the smash-hit video app TikTok, saw its earnings double last year.
An internal memo released to staff showed that the firm's total revenue jumped by 111% to $34.3 billion for 2020, reports the BBC.
The figures underscore TikTok's continued global popularity.
Keep updated, follow The Business Standard's Google news channel
It comes as ByteDance and several other Chinese technology giants have come under increasing pressure from governments around the world.
ByteDance also saw its annual gross profit rise by 93% to to $19bn, while it recorded a net loss of $45 billion for the same period.
The net loss was attributed to a one-off accounting adjustment and not related to the company's operations.
