https://www.bbc.com/news/business-57522368 BBC Homepage * Skip to content * Accessibility Help * Your account * Home * News * Sport * Reel * Worklife * Travel * Future * Culture * MenuMore Search * Home * News * Sport * Reel * Worklife * Travel * Future * Culture * Music * TV * Weather * Sounds Close menu BBC News Menu * Home * Coronavirus * Video * World * US & Canada * UK * Business * Tech * Science * Stories * Entertainment & Arts More * Health * In Pictures * Reality Check * World News TV * Newsbeat * Long Reads * Business * Market Data * New Economy * New Tech Economy * Companies * Entrepreneurship * Technology of Business * Economy * CEO Secrets * Global Car Industry * Business of Sport TikTok owner ByteDance sees its earnings double in 2020 Published 17 hours ago Share close Share page Copy link About sharing The TikTok logo is pictured outside the company's US head office in Culver City, California.image copyrightReuters ByteDance, the Chinese company behind the smash-hit video app TikTok, saw its earnings double last year. An internal memo released to staff showed that the firm's total revenue jumped by 111% to $34.3bn (PS24.7bn) for 2020. The figures underscore TikTok's continued global popularity. It comes as ByteDance and several other Chinese technology giants have come under increasing pressure from governments around the world. ByteDance also saw its annual gross profit rise by 93% to to $19bn, while it recorded a net loss of $45bn for the same period. The net loss was attributed to a one-off accounting adjustment and not related to the company's operations. * ByteDance co-founder Zhang to step down as CEO * Chinese regulators rein in fintech platforms * China tech giant's shares slide over ancient poem The memo also showed that ByteDance had around 1.9bn monthly active users across all of its platforms as of December last year. A ByteDance spokesperson confirmed the figures to the BBC. White House pressure The massive popularity of TikTok has meant that ByteDance has been scrutinised by governments around the world, including in the US and China. On Thursday, Reuters reported that an executive order signed by President Joe Biden earlier this month would force some Chinese apps to take tougher measures to protect user data if they wanted to stay in the US market. It came after President Biden revoked an executive order from his predecessor Donald Trump that banned Chinese apps TikTok and WeChat in the US. The ban faced a series of legal challenges and never came into force. Instead, the US Department of Commerce said it would review apps designed and developed by those in "the jurisdiction of a foreign adversary", such as China. It should use an "evidence-based approach" to see if they pose a risk to US national security, President Biden said. During the previous administration, President Trump regularly attacked ByteDance, accusing TikTok of being a threat to US national security. Politicians and officials raised concerns about users' personal data being passed to the Chinese government. TikTok has denied accusations that it shared user data with Beijing. Beijing scrutiny In April, Chinese regulators called on 13 online platforms, including ByteDance, to adhere to tighter regulations in their financial divisions. It came as part of a wider push to rein in the country's technology giants. The authorities said the aim was to prevent monopolistic behaviour and the "disorderly expansion of capital". For many years, Beijing had taken a hands off approach to encourage the technology industry to grow. media captionHow a little Ant became a financial giant Company shake-up In May, ByteDance announced that the company's CEO and co-founder Zhang Yiming would step down and transition to a new role by the end of the year. In a letter to employees, Mr Zhang said he would be succeeded by fellow co-founder Rubo Liang. "The truth is, I lack some of the skills that make an ideal manager. I'm more interested in analysing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people," Mr Zhang wrote in a message on the company's website. "Similarly, I'm not very social, preferring solitary activities like being online, reading, listening to music, and contemplating what may be possible," he added. The move marked the biggest shake-up at the Chinese technology giant since its launch almost a decade ago. Related Topics * TikTok * China More on this story * Trump-era ban on TikTok dropped by Biden Published 9 June * Alibaba accepts record fine and vows to change Published 12 April * Ed Sheeran to play Euro 2020 TikTok gig at stadium Published 4 June * Actor sues TikTok for using her voice in tool Published 10 May Top Stories * Setback for EU in legal fight with AstraZeneca But the drug-maker faces hefty fines if it fails to supply doses of Covid-19 vaccine over the summer. Published 1 hour ago * UK Covid infections continue rise, driven by Delta Published 7 hours ago * US daredevil dies during world record attempt Published 13 hours ago Features * Once the future, US now captive to its past Lincoln Memorial * Why US millennials are quitting big cities. VideoWhy US millennials are quitting big cities Leconte Lee * What's the big deal about In The Heights? Lin-Manuel Miranda, Anthony Ramos and Melissa Barrera * * Ethiopia election: A sham or democratic rebirth? A member of the Ethiopian community wears an Ethiopian flag face mask at the US State Department to protest the ongoing murder and ethnic cleansing of members of the Amhara ethnicity in multiple regions in Ethiopia at the U.S. State Department on May 17, 2021 in Washington, DC. * Quiz of the week: What was on the G7 menu? Dog toys on sale in a Cornish shop featuring caricatures of Boris Johnson and Joe Biden * Asia's Covid stars struggle with exit strategies Residents of a public housing estate queue up for mandatory coronavirus swab tests in Singapore May 21, 2021 * BBC Future: The forgotten tricks of 'letterlocking' Small letter * Alarming Covid surge cools Russia's football fever Russian fan inside Saint Petersburg Arena,June 16, 2021 * Why residents of these paradise islands are furious Lakshadweep Elsewhere on the BBC * Football phrases 15 sayings from around the world football being kicked on a field - Vauxhall image blurred in the background. Most Read * Setback for EU in legal fight with AstraZeneca1 * US police unit quits en masse after officer charged2 * Bishops face clash with Biden over abortion3 * UK Covid infections continue rise, driven by Delta4 * 'Living fossil' fish may live for up to a century5 * US court blocks child slavery lawsuit on chocolate6 * US daredevil dies during world record attempt7 * Foo Fighters go disco as Bee Gees tribute band8 * Husband admits British woman's killing in Greece9 * Palestinians cancel vaccine swap deal with Israel10 BBC News Services * On your mobile * On smart speakers * Get news alerts * Contact BBC News * Home * News * Sport * Reel * Worklife * Travel * Future * Culture * Music * TV * Weather * Sounds * Terms of Use * About the BBC * Privacy Policy * Cookies * Accessibility Help * Parental Guidance * Contact the BBC * Get Personalised Newsletters * Why you can trust the BBC * Advertise with us * AdChoices / Do Not Sell My Info (c) 2021 BBC. The BBC is not responsible for the content of external sites. Read about our approach to external linking.