TikTok mother Bytedance writes mega-loss

ByteDance has posted a billion-dollar loss despite doubling its sales.

Since TikTok is sponsoring the European Football Championship, the popular video app is currently omnipresent in the media. That should also come in handy for the parent company ByteDance. Because something goes under that the Chinese IT giant posted a high loss despite doubling its sales.

$ 45 billion

With a turnover of 34.3 billion dollars (28.3 billion euros), the TikTok owner’s net loss rose to 45 billion dollars, as Reuters learned through a memo from the company.

Suspected reason

According to an insider, the loss is related, among other things, to accounting rules for stock-based compensation for employees. The Beijing-based company did not want to comment on its financial data.

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