TikTok continues to grow at an unprecedented pace, both in China and globally.
The company's revenues grew by more than double in the past year, beating analysts expectations.
- TikTok's parent company, ByteDance, drew in $34.3 billion in revenues over the past year, up 111% year-on-year.
- Despite the growth in revenues, the company posted a $2.1 billion operating loss.
- ByteDance was profitable the year before, posting an operating profit of $684 million.
Why It Matters
- A large part of TikTok's revenues come from advertising today, further encroaching on Facebook's advertising market share.
- Later this year, ByteDance is expected to undergo a key management change, most notably with its founder stepping down.
- ByteDance is still private today, with valuations estimated to be north of $100 billion, making it the world's most valuable technology startup company.