TikTok owner ByteDance reportedly hit $3 billion in net profit in 2019
TikTok's parent company ByteDance generated $3 billion in profit last year, Bloomberg reports.
Sources told the publication that ByteDance pulled in $17 billion in revenue in 2019, more than double what it made in 2018.Visit Business Insider's homepage for more storiesByteDance, parent company to short-form video app TikTok, pulled in more than $3 billion in profit last year,Sources familiar with the matter told Bloomberg that ByteDance generated $17 billion in revenue for 2019, a jump of more than double from 2018 when it made roughly $7.4 billion.
Bloomberg's sources said the pool of cash means ByteDance is taking its time with its planned IPO, as it now has $6 billion in cash on hand. One analyst told Bloomberg the company could IPO at between $150 billion and $180 billion. It also makes ByteDance more profitable than several Silicon Valley peers, such as Twitter with net income of $1.47 billion, or Snapchat which reported a net loss for the year.TikTok's global rise has been meteoric, and the app now poses a threat to the likes of American social media giants like Facebook and Twitter.
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