By Emmanuel Legrand
China's tech conglomerate ByteDance, parent company of short-form video platform TikTok and its Chinese version Douyin, posted revenues of $34.3 billion in 2020, up 111% year-on-year, while gross profit rose 93% to $19bn, according to a communication to employees seen by the Wall Street Journal.
The privately-owned company claimed to have 1.9 billion monthly active users across all of its platforms at the end of 2020. ByteDance posted operating losses of $2.1bn against profits of $684m the year before, due in part to the cost of share-based compensation for shareholder, according to CNBC.
The company will be going through a change in leadership with co-founder Zhang Yiming (pictured, above) stepping down from his role as CEO by the end of the year to be replaced by another co-founder, Liang Rubo, the currently head of human resources.
In addition, former Xiaomi executive Shou Zi Chew has been hired as Chief Financial Officer earlier this year, which according to CNBC, could signal that the company is planning an initial public offering.
The disclosure of ByteDance's financial results coincided with the news that US President Joe Biden revoked an executive order signed by former President Donald Trump that banned Chinese apps TikTok and WeChat in the US.
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