TikTok owner Bytedance’s growth won’t blink an eye, even as the company swells into one of the largest tech behemoths in the world. Wall Street Journal caught hold of an internal memo yesterday, which offers a sneak peek into financials.
Quick look at 2020 numbers:
- Revenues of $34 billion for the year, up 111% YoY
- Gross profits of $19 billion, up 93% YoY
- Lost $2.1 billion, but that’s mostly due to stock based compensation paid out to employees
- Has 1.9 billion monthly active users across all the platforms — next to only FB and Google
For comparison, Netflix made $25 billion last year, growing 25%, and is valued at $220 billion, which easily puts ByteDance at 2x that, at least.
Going forward — with founder Zhang Yiming quitting as CEO soon, new CEO Liang Rubo’s focus is on entering new “monetizable” verticals — think social and live commerce, payments, gaming, AND preparing for an IPO next year, likely the BIGGEST the world has ever seen.