EXCLUSIVE: China’s ByteDance, owner of video-sharing app TikTok and one of the world’s most valuable unicorns, booked revenue of over $7 billion in a better-than-expected result for the first half: sources by yingzhi_yang julie_zhuli
BEIJING/HONG KONG - China’s ByteDance, owner of video-sharing app TikTok and one of the world’s most valuable unicorns, booked revenue of 50-60 billion yuan in a better-than-expected result for the first half, people familiar with the matter told Reuters.
ByteDance, which was loss-making in the first-half, also posted a profit in June and was confident of making a profit in the second half of the year, one of the people said, declining to be identified as the company has not made a public announcement. Earnings figures for last year were not immediately available. According to online tech news outlet The Information, ByteDance revenue for the whole of 2018 was $7.2 billion.The seven-year-old startup, which separate sources have said was valued at $78 billion late last year, also owns Chinese news aggregator Jinri Toutiao, meaning “Today’s Headlines”, as well as a domestic version of TikTok, known as Douyin.
Analysts have called ByteDance a strong threat to other Chinese tech industry firms including social media and gaming giant Tencent Holdings Ltd and search engine leader Baidu Inc. Globally, ByteDance’s apps have 1.5 billion monthly active users and 700 million daily active users, the company said in July.
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