TikTok owner ByteDance’s total revenue up 111% to $34.3b in 2020

REUTERS/Danish Siddiqui

TikTok owner ByteDance’s total revenue more than doubled last year to $34.3 billion but its net loss widened to $45 billion, according to a company memo seen by Reuters.

The widening of the loss was partly attributable to accounting norms for share-based compensation of employees, a person familiar with the matter said.

Reuters has reported that ByteDance, one of the world’s biggest private tech companies with an estimated value of about $300 billion in recent trades, had a revenue goal of around $30 billion for 2020.

ByteDance posted an operating loss of $2 billion and a gross profit of $19 billion, representing a 93% growth year over year, the company told employees in a staff meeting, upon which the memo was based.

Beijing-based ByteDance declined to comment on its financials.

It had 1.9 billion global monthly users in December 2020 for all its apps including TikTok, its Chinese version Douyin and news aggregator Jinri Toutiao.

In May, company founder Zhang Yiming unexpectedly announced that he will step down as CEO, a move that comes as Chinese regulators are increasing scrutiny of the country’s biggest technology firms.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.