Technology

TikTok owner ByteDance's revenue surged 111% in 2020, records 1.9 billion users

TikTok owner ByteDance's revenue surged 111% in 2020, records 1.9 billion users

ByteDance, the owner of TikTok, saw its revenue for 2020 more than double, a person familiar with the matter told CNBC. Revenue for last year totaled $34.3 billion, up 111% year-on-year, senior management at the company told employees in a company-wide meeting. Gross profit rose 93% to $19 billion, the person who attended the meeting said.

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