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ByteDance increased its revenue by 111 percent last year to $ 34 billion and had 1.9 billion monthly users in its apps by the end of the year, CEO Liang Rubo said on Thursday, according to people familiar with the matter.
TikTok and Douyin, owners of short video apps, recorded an increase in users as coronavirus blockages around the world led people to look for more entertainment on the net. Douyin, TikTok’s Chinese sister, was ByteDance’s main revenue driver and has become a destination for buyers who want to buy products from live broadcast presenters.
Facebook, the world’s largest social media group, reported 2.85 billion users a month on March 31st.
ByteDance received a gross profit of $ 19 billion a year, but a net loss of $ 45 billion a year because of non-cash items, share-based compensation and valid changes in its shares, and a large investment in new business. The company had 110,000 employees at the end of the year.
He reported the finances for the first time Wall Street Journal and the Chinese media.
Kuaishou’s main rival in China had a net loss of $ 15.4 billion last year as a result of $ 8.5 billion in revenue — four times less than ByteDance — and 481 million monthly users during that period. Kuaishou is trading in Hong Kong with a market capitalization of $ 801 billion ($ 103 billion), and ByteDance has yet to express its intention for an initial public offering.
According to people familiar with the matter, ByteDance raised about $ 5 billion in December with a valuation of $ 180 billion. According to CB Insights, the Beijing-based company is the most valuable start-up in the world.
Liang held his first staff meeting of all hands on Thursday after starting the transition to chief executive last month, founder Zhang Yiming announced resign at the end of the year. Zhang said he wanted to focus on innovation and “long-term initiatives”.
Liang, the founder of ByteDance, whom the employee considers Zhang’s right-wing man, was previously the head of human resources. Even after the six-month delivery period, staff said they hoped to make no major changes and continue to take direction from Zhang.
As Beijing increases its study of technology giants, several top creators and leaders have stepped back this year. Colin Huang resigned as chairman of the Pinduoduo e-commerce platform in March, a few days after Eric Jing resigned as head of the Ant Group.
Liang told employees that he was disclosing financial data as part of the push for greater transparency in the company.
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