Chinese company ByteDance, owner of TikTok, more than doubled its revenues last year as usage of the short-form video app rocketed.
The company, which spent a large part of last year battling pressure from then US President Donald Trump to sell its US TikTok operations, reported a 111 per cent increase in revenues to $34.3 billion (€28.7bn).
ByteDance also saw its annual gross profit rise by 93 per cent to to $19 billion, while it recorded a net loss of $45 billion for the same period, according to an internal memo released to staff.
The memo also revealed that ByteDance had around 1.9 billion monthly active users across all of its platforms as of December last year; this includes the Chinese version of TikTok, branded Douyin, and products such as the news aggregation app Toutiao.
ByteDance launched TikTok just four years ago.
Current US President Joe Biden revoked an executive order from Trump that banned Chinese apps TikTok and WeChat in the US – but earlier this month signed an executive order that would force some Chinese apps to take tougher measures to protect user data if they wanted to stay in the US market.
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