ByteDance, the parent company of TikTok, the short-video globally popular app shared with employees that its revenue more than doubled in 2020 alone hitting the $34.3 billion benchmark.
The company, still private, grew by 111% from 2019, while its gross profit rose by 93% to $19 billion.
On average, 1.9 billion monthly users are active on the platform’s apps as of December last year. The company also incurred a $2.1 billion operating loss in 2020 due to higher expenses from compensation to workers
