ByteDance, the parent company of TikTok has had a great year in terms of revenue despite the bumpy cracks along the way

ByteDance is a private company which has acquired a number of well-known companies like TikTok, Douyin and a new investment in an application named Toutiao, along with a lot of other applications. The company however not only acquires all these application but the revenue results of ByteDance from 2020 which were just revealed screams that how much effort it outs in maintaining each of its acquired application

As reported by the WSJ, ByteDance revenue for this year shows a 111 percent increase in revenue (year over year) which makes the revenue amount a double than it was the year before. The gross profit which the company managed to earn was this year was 93 percent of $19 billion dollars, which too was greater than the earned profit the year before.

However, though profits were earned, there were losses as well which too were greater than the previous year. In 2020, the loss of ByteDance $2.1 billion mainly happened because of the cost of the shared based compensation from shareholders, but we will look at the brighter side of the immense profit it has received this year, in front of which such losses do not stand.

The company though has received great feedbacks from its currently acquired applications, it is not the limit for them because from the lip syncing and video making application it is now planning on taking the forts of gaming as well.

But though revenue profit has been great for ByteDance and the year seemingly looked successful there were still a lot of bumpy cracks along the road which started off by the former US president Donald Trump, he called out TikTok as a threat to the nation’s security, while fingers were raised on the Chinese version of TikTok by its own country and the app was accused of going against cyber security rules and stealing large amounts of user data.

Some major changes in head positions has also been observed where the company signed Shou Zi Chew who is a former executive of the rising tech giant Xiaomi as their CFO, while reports also suggests that the current CEO, Zhang Yiming will step down and the position will be taken over by the co-founder Liang Rubo.

TikTok and other applications by ByteDance are doing great and this year has been great for ByteDance despite some ups and downs, and we hope that the next year will be a great one for them as well.

Photo: VCG via Getty Images

Read next: The Complete Guide for Small Businesses Looking to Advertise on TikTok

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