Connect with us

Hi, what are you looking for?

Investing

TikTok sees its earnings double in 2020

tiktok

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 $34.3bn (£25.6bn) for 2020.

The figures underscore TikTok’s continued global popularity.

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 $45bn for the same period.

The net loss was attributed to a one-off accounting adjustment and not related to the company’s operations.

The memo also showed that ByteDance had around 1.9bn monthly active users across all of its platforms as of December last year.

White House pressure

The massive popularity of TikTok has meant that ByteDance has been scrutinised by governments around the world, including in the US and China.

On Thursday, Reuters reported that an executive order signed by President Joe Biden earlier this month would force some Chinese apps to take tougher measures to protect user data if they want to stay in the US market.

During the previous administration, President Donald Trump regularly attacked ByteDance, accusing TikTok of being a threat to US national security.

Politicians and officials raised concerns about users’ personal data being passed to the Chinese government.

TikTok has denied accusations that it shared user data with Beijing.

Beijing scrutiny

In April, Chinese regulators called on 13 online platforms, including ByteDance, to adhere to tighter regulations in their financial divisions.

It came as part of a wider push to rein in the country’s technology giants.

The authorities said the aim was to prevent monopolistic behaviour and the “disorderly expansion of capital”.

For many years, Beijing had taken a hands off approach to encourage the technology industry to grow.

Company shake-up

In May, ByteDance announced that the company’s CEO and co-founder Zhang Yiming would step down and transition to a new role by the end of the year.

In a letter to employees, Mr Zhang said he will be succeeded by fellow co-founder Rubo Liang.

“The truth is, I lack some of the skills that make an ideal manager. I’m more interested in analysing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people,” Mr Zhang wrote in a message on the company’s website.

“Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music, and contemplating what may be possible,” he added.

The move marked the biggest shake-up at the Chinese technology giant since its launch almost a decade ago.

Read more:
TikTok sees its earnings double in 2020

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

People living in rural areas are having to travel further to find somewhere to withdraw and deposit cash free of charge, says the City...

Investing

Ministers have ruled out extending the list of workers who are exempt from self-isolation rules and warned that the August 16 date for lifting...

Economy

The House of Representatives will adopt the Senate’s version of the proposed measure taxing Philippine Offshore Gaming Operators (POGO), a key lawmaker said on...

Economy

President Rodrigo R. Duterte on Friday approved the recommendation of his pandemic task force to enforce stricter quarantine rules in Manila, the capital, and...

Economy

Thirty-seven percent of Filipinos are optimistic that their lives will improve over the next 12 months, a non-commissioned survey shows.  Of the 1,200 respondents in Social Weather Stations’...

Economy

Six electricity consumers on Friday filed a complaint with the Ombudsman against Department of Energy (DoE) Secretary Alfonso G. Cusi, alleging that the government official has neglected his duties.  “In his five...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!