It was announced that TikTok Application Owner ByteDance $ 3 Billion Profit

It was announced that TikTok Application Owner ByteDance Has $ 3 Billion Profit

TikTok owner ByteDance reportedly made $ 3 billion in profit from $ 17 billion in revenue last year According to a report referring to Bloomberg on Wednesday, TikTok owner ByteDance was reported to have made a net profit of $ 3 billion last year. According to the report, which reported that it has $ 6 billion in cash, the fast-growing company doubled its revenue from $ 7.4 billion in 2018 to $ 17 billion in 2019. Founded in 2012 by entrepreneur Zhang Yiming, ByteDance is reported to have a special value between $ 105 billion and $ 110 billion. This makes it the most valuable company in the world. According to an analyst, this value can be valued up to $ 180 billion in the initial public offering. CNBC contacted ByteDance to verify the figures, but the company did not respond immediately. ByteDance, headquartered in Beijing, is backed by SoftBank and Silicon Valley venture capital firm Sequoia. ByteDance also owns Duoyin, the Chinese version of TikTok, and Toutiao, a news service. However, TikTok is now the star of the show. According to application monitoring firm Sensor Tower, it has reached the peak of popularity since it was launched in 2016 and the app has been downloaded more than 2 billion times. The app is an app that allows people to share short clips of 15 seconds and allows their users to shoot by often syncing lips with music. Earlier this month, TikTok announced that Disney had hired publishing director Kevin Mayer as its new CEO.