TikTok – ByteDance, the Chinese corporation in the back of the smash-hit video app TikTok, noticed its income double final year.
An inner memo launched to team of workers confirmed that the firm’s complete income jumped with the aid of 111% to $34.3bn (£24.7bn) for 2020.
The figures underscore TikTok’s endured international popularity.
It comes as ByteDance and numerous different Chinese technological know-how giants have come beneath growing strain from governments round the world.
ByteDance additionally noticed its annual gross earnings upward jostle through 93% to to $19bn, whilst it recorded a net loss of $45bn for the identical period.The internet loss used to be attributed to a one-off accounting adjustment and no longer associated to the company’s operations. ByteDance co-founder Zhang to step down as CEO
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The memo additionally confirmed that ByteDance had round 1.9bn month-to-month lively users throughout all of its systems as of December closing year. A ByteDance spokesperson demonstrated the figures to the BBC.
The big recognition of TikTok has supposed that ByteDance has been scrutinised with the aid of governments round the world, together with in the US and China.On Thursday, Reuters suggested that an govt order signed through President Joe Biden formerly this month would pressure some Chinese apps to take more challenging measures to guard person information if they desired to continue to be in the US market.It got here after President Biden revoked an govt order from his predecessor Donald Trump that banned Chinese apps TikTok and WeChat in the US.The ban confronted a collection of criminal challenges and by no means got here into force.
Instead, the US Department of Commerce stated it would assessment apps designed and developed through these in “the jurisdiction of a overseas adversary”, such as China.
It ought to use an “evidence-based approach” to see if they pose a chance to US countrywide security, President Biden said.During the preceding administration, President Trump frequently attacked ByteDance, accusing TikTok of being a risk to US country wide security.Politicians and officers raised worries about users’ non-public records being surpassed to the Chinese government.
TikTok has denied accusations that it shared person records with Beijing.
In April, Chinese regulators known as on 13 on line platforms, together with ByteDance, to adhere to tighter guidelines in their economic divisions.It got here as section of a wider push to rein in the country’s technological know-how giants.The authorities stated the intention used to be to stop monopolistic behaviour and the “disorderly enlargement of capital”.For many years, Beijing had taken a arms off method to inspire the technological know-how enterprise to grow.
In May, ByteDance introduced that the company’s CEO and co-founder Zhang Yiming would step down and transition to a new function by using the stop of the year.In a letter to employees, Mr Zhang said he would be succeeded by using fellow co-founder Rubo Liang.
“The fact is, I lack some of the competencies that make an perfect manager. I’m extra fascinated in analysing organizational and market principles, and leveraging these theories to in addition minimize administration work, instead than genuinely managing people,” Mr Zhang wrote in a message on the company’s website.”Similarly, I’m no longer very social, preferring solitary things to do like being online, reading, listening to music, and taking into account what might also be possible,” he added.The go marked the largest shake-up at the Chinese science massive for the reason that its launch almost a decade ago.
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