The bulk of ByteDance’s revenue comes from advertising on apps under its Chinese operations including Douyin – a Chinese version of TikTok – and news aggregator app Jinri Toutiao… Global Business and Financial News, Stock Quotes, and Market Data and Analysis.Bytedance CEO and founder poses for a photograph in Beijing, China.Trump betting millions to lay the groundwork for quantum internet in the USCoronavirus: Colleges experiment with stay-at-home 'study abroad' programsWith America at home, Facebook, Google make moves to win more of gaming market Plans may also be complicated by some heavyweight ByteDance investors looking to take over TikTok at a valuation of $50 billion. Reuters previously reported China accounts for the bulk of ByteDance revenue, which one source said was around $16 billion in 2019. Together they have raised over 526.8M between their estimated 215.9K employees. The plans for the two listings may also not directly influence how TikTok’s future will unfold, that person said. REUTERS/Thomas Suen/File Photo It’s run by … One of China’s most popular news apps, Toutiao uses AI algorithms to generate an endless story feed for its 120 million daily users. Reporting by Yingzhi Yang in Beijing and Julie Zhu in Hong Kong; Editing by Kenneth MaxwellFILE PHOTO: A man walks by a logo for ByteDance, the China-based company which owns the short video app TikTok, at its offices in Beijing, China July 7, 2020. ByteDance was valued at as much as $140 billion earlier this year when one of its shareholders, Cheetah Mobile (It generated around $2.9 billion in profit for 2019, according to one of the people familiar with the matter. China's ByteDance, owner of video-sharing app TikTok and one of the world's most valuable unicorns, booked revenue of 50-60 billion yuan ($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 120 billion yuan from an earlier goal set late last year of 100 billion yuan, a second person said.Earnings figures for last year were not immediately available.
BEIJING/HONG KONG (Reuters) - Chinese tech giant ByteDance is considering listing its domestic business in Hong Kong or Shanghai, people familiar with the matter told Reuters, against a backdrop of rising Sino-U.S. tensions over its hit non-China video app TikTok. The bulk of revenue comes from advertising on apps under its Chinese operations including Douyin - a Chinese version of TikTok - and news aggregator app Jinri Toutiao… According to online tech news outlet The Information, ByteDance revenue for the whole of 2018 was $7.2 billion.The seven-year-old startup, which separate sources have said was valued at $78 billion late last year, also owns Chinese news aggregator Jinri Toutiao, meaning "Today's Headlines," as well as a domestic version of TikTok, known as Douyin.Most of the company's revenue is garnered in China, the second person familiar with the matter said, adding that while Douyin generates advertising fees, TikTok is still in the early stages of making money.Analysts have called ByteDance a strong threat to other Chinese tech industry firms including social media and gaming giant Last month it launched a search engine that sits within Toutiao, putting it in direct competition with Baidu. It has also acquired a Chinese-language Wikipedia-like website called Baike.com to further boost content.Aiming to expand in markets outside China, ByteDance recently launched work efficiency app Lark and is planning to launch a paid music-streaming app.Its aggressive push into new areas has helped lift global headcount to around 50,000 currently, compared with 40,000 last year.Got a confidential news tip? Data is a real-time snapshot *Data is delayed at least 15 minutes.
Hong Kong’s bourse ranked third with $8.9 billion raised, according to Refinitiv data. HKEX said it doesn’t comment on individual companies. But ByteDance has been in talks with bourse operator Hong Kong Exchanges and Clearing (HKEX) over the China business listing, one of the people said. The review of separate plans for the China business comes amid growing concerns over U.S. regulatory scrutiny and uncertainty over whether a 2013 audit deal between Beijing and Washington, that underpins Chinese firms listing in the United States, will remain intact. U.S.-listed Chinese companies also face tightened financial scrutiny and stricter audit requirements from U.S. regulators, prompting a number of Chinese companies including search engine giant Baidu (Shanghai’s tech-heavy STAR Market, seen as part of Beijing’s campaign to become self-sufficient in core technologies, has become the second largest market globally for IPOs so far this year, after the Nasdaq, with $10.3 billion raised via offerings. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. In March, ByteDance founder Zhang Yiming announced a more independent personnel structure for the China business, by appointing a dedicated chairman and chief executive for the China business, while retaining the role of global chief executive himself. Alibaba still led the market with a 33% share, or 72.1 billion yuan ($10.3 billion), in ad revenue during that period. A standalone listing could value the China business at more than $100 billion in Hong Kong or on Shanghai’s Nasdaq-style STAR Market, according to two sources. The bulk of revenue comes from advertising on apps under its Chinese operations including Douyin — a Chinese version of TikTok — and news aggregator app Jinri Toutiao…
TikTok, over the same period, is expected to hit revenue of $1 billion.