H1 Revenue Of TikTok Owner - ByteDance Reached $7 Billion

ByteDance is the owner of the viral video-sharing platform TikTok. It also belongs to the group of most "precious unicorns". In the first half of this year, the company has reached a revenue of $7-$8 billion, which was better than what the tech start-up had expected, according to Reuters.

Better revenue than expected

According to an anonymous source in the industry, ByteDance was loss-making in the H1. The company has posted a profit this June and is confident in making a profit in the H2 of this year.

Earlier, the Bejing-based company has set its annual target at 100 billion RMB. But then with its robust growth, the company has revised the revenue target up to 120 billion RMB.

Last year earning figures were not available immediately. According to The Information, the company's 2018 revenue was $7.2 billion.

ByteDance has declined to talk about the matter.

A rising ByteDance

This 7-year-old company was valued $78 billion in 2018, according to various sources. Besides Tiktok, ByetDance also owns Jinri Toutiao "Today's Headlines" - a news aggregator in China. It also owns the Chinese version of TikTok called Douyin.

Most of ByteDance's profit comes from China, as Douyin generates quite an amount of advertising fees while TikTok is still at the very early stages to earn money.

According to many analysts, ByteDance is a significant threat to other tech firms in China, including the gaming and social media giant-Tencent and Baidu-the search engine giant.

Internationally, ByteDance's applications have a total of 1.5 billion active users monthly and 700 active users daily.