ByteDance, operator of short-video sharing hit app TikTok, saw its revenue more than double last year, the company told employees in a company-wide meeting on Thursday, as the company’s valuation soars ahead of a highly anticipated yet delayed initial public offering (IPO).
The Beijing-based tech giant booked revenue of US$34.3 billion, up 111 per cent year-on-year, with its monthly active users across all platforms reaching 1.9 billion by the end of last year. It made an operating loss, due to giving its employees more shares ahead of a planned IPO, of US$2.1 billion, against a $684 million operating profit a year earlier, according to a source familiar with the matter.