China’s ByteDance records better than expected revenue

BEIJING/HONG KONG (Reuters) – China’s ByteDance, owner of video-sharing app TikTok and one of the world’s most valuable unicorns, booked revenue of 50-60 billion yuan ($7 billion to $8.4 billion) in a better-than-expected result for the first half, people familiar with the matter told Reuters. Robust growth has led the Beijing-based startup to revise its revenue target for 2019 to 120 billion yuan from an earlier goal set late last year of 100 billion yuan, a second person said. According to online tech news outlet The Information, ByteDance revenue for the whole of 2018 was $7.2 billion. Aiming to expand in markets outside China, ByteDance recently launched work efficiency app Lark and is planning to launch a paid music-streaming app. ($1 = 7.1278 Chinese yuan)(Reporting by Yingzhi Yang in Beijing and Julie Zhu in Hong Kong; Editing by Edwina Gibbs)Likes

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