Bytedance, the owner of TikTok, announced that its revenue surged by 111% to $34.3 billion in 2020. The company’s gross profit rose 93% to $19 billion.

Today, Bytedance has 1.9 billion monthly active users across all of its platforms: TikTok and its Chinese version, Douyin, as well as its news aggregator application, Toutiao. This rapid growth is the reason why the company’s valuation stood at $140 billion earlier this year. 

An anonymous source stated that the company’s operating loss in 2020 amounted to $2.1 billion versus$684 million operating profit a year earlier. However, the China-based company garnered international success through TikTok.