18.Jun .2020 15:17

TikTok owner ByteDance first-quarter revenue soared to around $5.6 billion

TikTok owner ByteDance first-quarter revenue soared to around $5.6 billion
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Beijing-based ByteDance, the privately owned operator of short video app TikTok, booked around 40 billion yuan ($5.64 billion) in revenue for the January-March quarter, said two people with knowledge of the matter.

The figure represents growth of more than 130% compared with the same period a year earlier, said one of the people, who declined to be identified as the matter is private.

ByteDance has set a 2020 revenue target of about 200 billion yuan, the other person said. The first person said ByteDance aims to reach revenue half that of rival Tencent Holdings Ltd.

Tencent, China’s leading social media and gaming firm, reported revenue of nearly 377 billion yuan in 2019.

ByteDance’s apps enjoyed a huge boost in usage at the height of the COVID-19 pandemic as containment measures saw people practicing social distancing and staying at home. In January, six of the 10 most popular apps on China’s iOS App Store were owned by ByteDance, according to app performance tracker App Annie.

ByteDance has recently been valued at $95 billion to $140 billion in the market for private secondary trading, two people told Reuters.