MOSCOW – China-based company ByteDance, which owns the popular social network TikTok, recorded a US$45 billion (RM186 billion) net loss last year, mainly due to accounting adjustments, Sputnik quoted a Wall Street Journal report today.
ByteDance said in a company memo that it also suffered an operating loss of US$2.1 billion over last year, which was partly attributed to higher costs for employee compensation payments, according to the sources close to the matter cited by the newspaper.
However, ByteDance also reported a double rise in revenue to US$34.3 billion over the last year, adding that some 1.9 billion users were active on all of its platforms, which also include Douyin, a Chinese version of TikTok, and news content platform Jinri Toutiao, among others.
The Beijing-based company was founded in 2012. – Bernama, June 17, 2021
