<p>TikTok owner ByteDance's total revenue more than doubled last year to $34.3 billion but its net loss widened to $45 billion, according to a company memo seen by Reuters.</p>.<p>The widening of the loss was partly attributable to accounting norms for share-based compensation of employees, a person familiar with the matter said.</p>.<p>Reuters has reported that ByteDance, one of the world's biggest private tech companies with an estimated value of about $300 billion in recent trades, had a revenue goal of around $30 billion for 2020.</p>.<p>ByteDance posted an operating loss of $2 billion and a gross profit of $19 billion, representing a 93% growth year over year, the company told employees in a staff meeting, upon which the memo was based.</p>.<p>Beijing-based ByteDance declined to comment on its financials.</p>.<p>It had 1.9 billion global monthly users in December 2020 for all its apps including TikTok, its Chinese version Douyin and news aggregator Jinri Toutiao.</p>.<p>In May, company founder Zhang Yiming unexpectedly announced that he will step down as CEO, a move that comes as Chinese regulators are increasing scrutiny of the country's biggest technology firms. </p>
<p>TikTok owner ByteDance's total revenue more than doubled last year to $34.3 billion but its net loss widened to $45 billion, according to a company memo seen by Reuters.</p>.<p>The widening of the loss was partly attributable to accounting norms for share-based compensation of employees, a person familiar with the matter said.</p>.<p>Reuters has reported that ByteDance, one of the world's biggest private tech companies with an estimated value of about $300 billion in recent trades, had a revenue goal of around $30 billion for 2020.</p>.<p>ByteDance posted an operating loss of $2 billion and a gross profit of $19 billion, representing a 93% growth year over year, the company told employees in a staff meeting, upon which the memo was based.</p>.<p>Beijing-based ByteDance declined to comment on its financials.</p>.<p>It had 1.9 billion global monthly users in December 2020 for all its apps including TikTok, its Chinese version Douyin and news aggregator Jinri Toutiao.</p>.<p>In May, company founder Zhang Yiming unexpectedly announced that he will step down as CEO, a move that comes as Chinese regulators are increasing scrutiny of the country's biggest technology firms. </p>