TikTok pushes ByteDance revenue to $34.3bnEuropost
ByteDance, the company behind the popular video app TikTok posted robust growth in sales, BBC reported. An internal memo released to staff showed that the firm's revenue rocketed by 111% to $34.3bn for 2020. TikTok has been probed in China, US and EU over allegations linked to privacy violations. Still ByteDance posted annual gross profit increase by 93% to $19bn. The memo also showed that ByteDance had around 1.9bn monthly active users across all of its platforms as of December last year.
A ByteDance spokesperson confirmed the figures. The surging popularity of TikTok has meant that ByteDance has been scrutinised by governments around the world, including in the US and China. Under an executive order signed by President Joe Biden earlier this month some Chinese apps have to take tougher measures to protect user data if they wanted to stay in the US market. It came after President Biden revoked an executive order from his predecessor Donald Trump that banned Chinese apps TikTok and WeChat in the US. The ban faced a series of legal challenges and never came into force. Instead, the US Department of Commerce said it would review apps designed and developed by those in "the jurisdiction of a foreign adversary", such as China.
In April, Chinese regulators called on 13 online platforms, including ByteDance, to adhere to tighter regulations in their financial divisions.