TikTok now has over 1.9 billion users; revenues double in past year

TikTok's parent company posted an operating loss of $2.1 billion.

TikTok now has over 1.9 billion users; revenues double in past year | BEAMSTART News

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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.

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Key Highlights

  • 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.

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