The media released the financial results of the Chinese company ByteDance for 2020. The Information claims that the Chinese corporation’s revenue has reached $ 35 billion. This is twice as much as a year earlier. This edition was told by a source familiar with the situation.
ByteDance managed to increase not only revenue but also operating profit. The volume of the latter amounted to $ 7 billion, which is $ 3 billion more than last year. The company managed to achieve such results despite a conflict with the US authorities, which demanded to sell the American division to local businessmen. Donald Trump was then president of the country, but with the arrival of Joe Biden, the government’s position may change. The latter, for example, has already canceled several of its predecessor’s decrees regarding the Paris Climate Agreement and WHO membership.
The publication linked this success to the teenage phenomenon of the social network TikTok and its Chinese clone Douyin, which created a new form of social interaction. ByteDance representatives declined to comment.
ByteDance was founded in 2012 by Zhang Yimin. In May 2020, the company was valued at over $ 100 billion. Bloomberg later said that the company wants to go public, but before that it plans to attract investors and increase its value to $ 180 billion before its initial public offering in Hong Kong.