ByteDance, the Chinese language firm behind the smash-hit video app TikTok, noticed its earnings double final yr.
An inside memo launched to employees confirmed that the agency’s complete income jumped by 111% to $34.3bn (£25.6bn) for 2020.
The figures underscore TikTok’s continued world recognition.
It comes as ByteDance and a number of other different Chinese language expertise giants have come underneath rising stress from governments around the globe.
ByteDance additionally noticed its annual gross revenue rise by 93% to to $19bn, whereas it recorded a internet lack of $45bn for a similar interval.
The online loss was attributed to a one-off accounting adjustment and never associated to the corporate’s operations.
The memo additionally confirmed that ByteDance had round 1.9bn month-to-month energetic customers throughout all of its platforms as of December final yr.
White Home stress
The huge recognition of TikTok has meant that ByteDance has been scrutinised by governments around the globe, together with within the US and China.
On Thursday, Reuters reported that an govt order signed by President Joe Biden earlier this month would pressure some Chinese language apps to take harder measures to guard consumer information in the event that they need to keep within the US market.
Throughout the earlier administration, President Donald Trump repeatedly attacked ByteDance, accusing TikTok of being a risk to US nationwide safety.
Politicians and officers raised considerations about customers’ private information being handed to the Chinese language authorities.
TikTok has denied accusations that it shared consumer information with Beijing.
In April, Chinese language regulators referred to as on 13 on-line platforms, together with ByteDance, to stick to tighter laws of their monetary divisions.
It got here as a part of a wider push to rein within the nation’s expertise giants.
The authorities mentioned the purpose was to stop monopolistic behaviour and the “disorderly growth of capital”.
For a few years, Beijing had taken a fingers off strategy to encourage the expertise business to develop.
In Might, ByteDance introduced that the corporate’s CEO and co-founder Zhang Yiming would step down and transition to a brand new function by the top of the yr.
In a letter to workers, Mr Zhang mentioned he will probably be succeeded by fellow co-founder Rubo Liang.
“The reality is, I lack a number of the expertise that make a perfect supervisor. I’m extra all for analysing organizational and market ideas, and leveraging these theories to additional cut back administration work, fairly than truly managing individuals,” Mr Zhang wrote in a message on the corporate’s web site.
“Equally, I’m not very social, preferring solitary actions like being on-line, studying, listening to music, and considering what could also be doable,” he added.
The transfer marked the largest shake-up on the Chinese language expertise big since its launch virtually a decade in the past.