ByteDance's revenue more than doubled to about US$35 billion last year, defying heightened global competition and Trump’s attempt to ban its signature video service TikTok in the U.S, Bloomberg reports.
The Chinese company managed to grow operating profit to roughly US$7 billion in 2020 from less than US$4 billion the prior year, a person familiar with the matter said. That’s in a year when former U.S. president Donald Trump sought to ban TikTok and force its sale to American investors led by Oracle Corp.
With President Joe Biden in office, the company is moving closer toward listing part of its social media empire in Hong Kong.
The Information first reported on ByteDance’s 2020 financials.
Last valued at about US$180 billion, the company is said to be exploring an initial public offering for some of its businesses in Hong Kong, including Douyin. A ByteDance spokesperson declined to comment.