BEIJING/hong KONG (Reuters) – China’s ByteDance, which owns the video-sharing app, TikTok, and is one of the world’s most valuable and unicorns, posted a turnover of 50-60 billion yuan ($7 billion to $8.4 billion at a better-than-expected earnings for the first six months, people familiar with the matter told Reuters.
FILE PHOTO: People have to look at the Bytedance Technology, state of Digital China, exhibition in Fuzhou, Fujian province, China, May 5, 2019. REUTERS/Stringer
ByteDance, that is, the loss in the first half, also reported a profit in June, and it was definitely more of a profit in the second half of the year, and one of the men said, refusing to be identified, as well as the company has not made a public announcement to this effect.
The robust growth has led to the fact that of the Beijing-based startup, for a revision of the revenue target for 2019 of up to 120 billion yuan, from a previous target at the end of last year, of 100 billion yuan, the person said.
The income figures of the previous year were not immediately available. According to the online tech news outlet The Information, ByteDance sales for the whole of 2018, was $7.2 billion.
ByteDance declined to comment.
The seven-year-old startup, which is a separate source has said was valued at $78 billion at the end of last year, and is also the owner of a Chinese news aggregator Jinri Toutiao, in the sense of “Today’s Headlines”, as well as a domestic version of the TikTok, which is known as Douyin.
The majority of the company’s revenue has been collected in China, as the second person familiar with the matter said, adding that while Douyin to generate advertising costs, TikTok, it is still in the early stages of the creation of money.
Analysts have called the ByteDance a strong threat from the Chinese tech-industry companies, including social media and gaming giant Tencent Holdings Ltd and search-engine leader Baidu, Inc. Worldwide, ByteDance the apps you have to have 1.5 billion monthly active users, 700 million daily active users, the company said in July.
Last month, it launched a search engine that is within a Toutiao, putting it in direct competition with Baidu. It has also acquired a Chinese Wikipedia-like site Baike.com a further boost to the content.
Focused on expanding in markets outside of China, ByteDance recently, the efficiency of the work of the app a Lark, and it is going to launch a paid music-streaming app.
Its aggressive push into new areas, has helped to lift the global workforce to about 50,000 today, compared with 40,000 last year.
Reporting Yingzhi Yang in Beijing and Julie Zhu in Hong Kong; Editing by Edwina Gibbs