TikTok Owner Company ByteDance Reports 45$Bln Loss in Annual Revenue in 2020, Reports Say
Chinese company ByteDance, which owns the popular social network TikTok, recorded a $45 billion net loss last year, mainly due to accounting adjustments, the Wall Street Journal reported on Thursday, citing a company memo.
ByteDance also said in the memo that it suffered an operating loss of $2.1 billion over 2020, which was partly attributed to higher costs for employee compensation payments, according to the sources close to the matter, cited by the newspaper.
However, ByteDance also reported a double rise in the revenue to $34.3 billion over the last year, adding that some 1.9 billion users were active on all of its platforms, which also include Douyin, a Chinese version of TikTok, and news content platform Jinri Toutiao, among others.
The Beijing-based company was founded in 2012.