TikTok owner ByteDance's 2020 revenue soars, net loss at $45 billion: Memo

Topics TikTok | ByteDance | Results

BEIJING (Reuters) - TikTok owner ByteDance's total revenue more than doubled last year to $34.3 billion but its net loss widened to $45 billion, according to a company memo seen by Reuters.

The widening of the loss was partly attributable to accounting norms for share-based compensation of employees, a person familiar with the matter said. Reuters has reported that ByteDance, one of the world's biggest private tech companies with an estimated value of about $300 billion in recent trades, had a revenue goal of around $30 billion.

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