TikTok Owner ByteDance’s First Half Revenue Said to Be Better Than Expected

TikTok Owner ByteDance’s First Half Revenue Said to Be Better Than Expected

September 30, 2019 Off By Anindita Ghosh
TikTok Owner ByteDance's First Half Revenue Said to Be Better Than Expected

China’s ByteDance, owner of video-sharing app TikTok and one of the world’s most valuable unicorns, booked revenue of CNY 50-60 billion ($7 billion to $8.4 billion) in a better-than-expected result for the first half, people familiar with the matter told Reuters.

ByteDance, which was loss-making in the first-half, also posted a profit in June and was confident of making a profit in the second half of the year, one of the people said, declining to be identified as the company has not made a public announcement.

Robust growth has led the Beijing-based startup to revise its revenue target for 2019 to CNY 120 billion from an earlier goal set late last year of CNY 100 billion, a second person said.

Earnings figures for last year were not immediately available. According to online tech news outlet The Information, ByteDance revenue for the whole of 2018 was $7.2 billion.