TikTok parent company ByteDance generated more than US$17-billion in revenue and more than $3-billion in net profit last year, figures that show the start-up, already the most valuable in the world, is growing at a brisk rate, according to people familiar with the matter.
The revenue for last year is more than double the company’s tally of about $7.4-billion in 2018.
ByteDance has emerged as one of the tech industry’s most surprising success stories, an innovative Chinese company that is challenging the global dominance of US Internet giants.
In a rare bipartisan effort in Washington, Republican senator Tom Cotton and senate minority leader Chuck Schumer last year urged an investigation into TikTok, labelling it a national security threat.
The company had very preliminary discussions about an initial public offering last year, but is in no rush to go public given its financial performance, people have said.
