(Asian Tech Press) ByteDance, the most popular non-gaming app worldwide TikTok's parent company, shared its 2020 key financial results with employees on Thursday in an internal memo. The company said its total revenue more than doubled (111%) last year, jumping to $34.3 billion and gross profit also rose 93% to $19 billion.

The memo showed that as of December 2020, ByteDance had about 1.9 billion monthly active users across all of its platforms, covering more than 150 countries and regions worldwide and supporting more than 35 languages. The company operates several popular apps, such as TikTok and its Chinese version Douyin, as well as news aggregator Toutiao.

The company currently has offices in more than 30 countries across Asia, the Americas and Europe, with 110,000 official employees worldwide.

ByteDance said it had an operating loss of $2.1 billion between January and December of last year. The loss was partly due to increased expenses for employee stock option (ESO), according to people familiar with the matter. In 2019, it reported an operating profit of $684 million.

TikTok owner has a total net loss of $45 billion in 2020, primarily due to an accounting adjustment that the company made to increase the fair value of its convertible redeemable preferred shares.

Founded in 2012 by Chinese entrepreneur Zhang Yiming, ByteDance has raised billions of dollars from global investors such as KKR & Co. Inc., Sequoia Capital, and General Atlantic.

The company is valued at $180 billion at the end of 2020 after its latest round of funding by Fidelity Investments Inc. and several existing shareholders.