ByteDance, the Beijing-based owner of TikTok, more than doubled its 2020 revenue to about $37 billion, according to The Information.
ByteDance has an operating profit of more than $7 billion in 2020, the report said. That compares with an operating profit of less than $4 billion in 2019.
That revenue growth stems from strong growth in ad sales for Douyin, the Chinese version of TikTok, offsetting the impact of India's ban on TikTok and the threat from the US.
ByteDance told the company's investors that it would go public this year, the report said.
News of ByteDance's accelerated preparations for listing came late last year when rumors surfaced that ByteDance was in discussions with investors, including Sequoia Capital, to push for a Hong Kong listing for Douyin and Toutiao.
Founded in March 2012, ByteDance is one of the first technology companies to apply artificial intelligence to the mobile Internet scene. To date, its well-known products include Toutiao, Douyin, and TikTok.
On September 15, 2020, Douyin had more than 600 million daily active users as of August 2020, according to data announced by ByteDance CEO Nan Zhang.
