Chinese company ByteDance, which owns the TikTok service, shows significant losses

Chinese company ByteDance, which owns the TikTok service, shows significant losses, cites The Wall Street data

Journal with a link to an internal financial reportcompanies. ByteDance does not publicly disclose the financial results of its activities. The data presented in the report is intended for the company's employees and reflects information ahead of the issue of special securities for 30,000 employees. The report says that ByteDance's revenue grew 80% last year to $61.7 billion, while the company's costs were $27.4 billion, up 79% from its 2020 cost figures. Of these costs, $14.6 billion was spent on research and $19.2 billion was spent on marketing. The company posted an operating loss of $7.15 billion in 2021. This year, the latest data relates to first-quarter results, when revenue rose 54% to $18.3 billion, while a net loss in the first quarter was $4.7 billion.