TikTok parent ByteDance 'clocks up €2.7bn in profit' on lip-synch craze

TikTok’s parent ByteDance generated more than $3bn (€2.7bn) of net profit on over $17bn in revenue last year, figures that show the world’s most valuable startup is still growing at a brisk rate.

According to sources, the revenue for last year was more than double the company’s tally of about $7.4bn in 2018, propelled by the phenomenal growth in user traffic that’s drawn advertisers away from Tencent and Baidu.