TikTok owner ByteDance raked in net profits over USD 3 billion globally last year, as it more than doubled its revenues from 2018’s USD 7.4 billion to USD 17 billion, Bloomberg reported on Wednesday, citing sources familiar with the matter.
According to the report, the rapidly-growing startup with a valuation of over USD 100 billion has a cash pile of USD 6 billion on hand.
TikTok had fetched over 2 billion downloads in app stores worldwide by the end of last month and generated a revenue of more than USD 78 million in April, more than 10 times the amount in the same period in 2019. It even surpassed YouTube to be the world’s top-grossing non-game app, per data from industry data tracker Sensor Tower.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.