In one year, the company that owns TikTok has doubled its turnover
In one year
ByteDance records revenues of over 34 billion dollars, despite months of tension with the United States and the risk of a blockade
(Photo Illustration by Jakub Porzycki / NurPhoto via Getty Images) Revenue more than doubled for ByteDance , the company that developed TikTok: The company shared 2020 financials with employees, revealing a 111% jump in revenues from the previous year. The total collected is 34.3 billion dollars, for the group started from a startup founded in 2012 and which also includes Douyin, the Chinese version of the popular short video app equipped with an internal payment system (Douyin Pay), Toutiao, dedicated to the news, and the Moonton gaming studio.According to a document circulated among the employees (110 thousand of the group), there were 1.9 billion active users across all platforms in December, a record number, with 2020 gross profit rose 93% to $ 19 billion. However, the operating loss was $ 2.1 billion, attributable in part to accounting rules on share-based employee compensation, down from a profit of $ 684 million in 2019. The net loss was $ 45. billion, due both to heavy investments in new businesses, according to the Financial Times, and in large part to accounting corrections the company had to make on redeemable preferred stock. These non-cash deals are often planned for startups that have raised outside funds as their valuation grows, the Wall Street Journal reports.
After the last round of financing, the company was valued 180 billion at the end of 2020 and the entry of the former Xiaomi Shou Zi Chew as financial manager made us think about the preparations for the listing of the Chinese activities, in the United States or Hong Kong. CEO Zhang Yiming recently announced a handover to co-founder Liang Rubo, while remaining behind the scenes to develop long-term strategies. For ByteDance it was a turbulent year: it was one step away from having to sell the American activities of TikTok, due to the ban of the former president of the United States, Donald Trump, stopped by the courts and by his successor Biden, while at home Kuaishou, Douyin's rival is listed in Hong Kong for a final valuation of 60 billion dollars.
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China Social media Social Network Tiktok globalData.fldTopic = "China , Social media, Social Network, Tiktok "
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Inflation breakout will drive 10-year Treasury yields above 2% in coming months, Wells Fargo predicts
Wells Fargo's Michael Schumacher: 'The 10-year yield is going up a fair bit'
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Treasury yields may be about to break out.
Even though yields temporarily fell after this week's Federal Reserve decision on interest rates, Wells Fargo Securities' Michael Schumacher expects the benchmark 10-year Treasury Note rate to end the year as high as 2.20%.
'The 10-year yield is going up a fair bit through the remainder of the year,' the firm's head of macro strategy told CNBC's 'Trading Nation' on Thursday. 'Not a steady rise to be sure. But we do think there's a pretty strong bear case to be made over the next six [to] seven months.'
Schumacher attributes the inflation comeback for his forecast — with an emphasis on the next 12 months.
'Core PCE which the Fed likes to look at is above 3% for the next year. It's an amazing number. We have not seen inflation like that in the U.S. on a sustained basis for a very long time,' he said. 'This really gets at what the people in the market are focused on: Just how long is that inflation spike going to last? Is it transient? Is it transitory? I don't know. But it's troubling, that's pretty clear.'
In his post-Fed decision research note, Schumacher said the Fed is still coming to terms with the inflation spike. According to Schumacher, the biggest risk facing the bond market and economy is the Fed's potential response to the strong economic comeback. If the Fed gets spooked, it would likely hike rates next year instead of waiting until at least 2023.
Video: 10-year yields will break out due to troublesome inflation comeback, says Peter Boockvar (CNBC)
10-year yields will break out due to troublesome inflation comeback, says Peter Boockvar
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So far, Schumacher's bond market outlook is on target.
Coming into 2021, Schumacher predicted the 10-year yield would hit 1.15% to 1.35% by this year's halfway point — with the caveat it could reach as high as 1.50%. He made the forecast when the yield was below 1% and months before the Covid-19 vaccines were widely available.
On Thursday, the 10-year yield closed at 1.51%. It's up almost 4% over the past week, but down 8% over the past three months.
He also doubts the dollar, which initially surged on a more hawkish Fed, will continue to extend its gains.
'For the first quarter of this year, the U.S. and arguably the U.K. had a tremendous advantage over most of the Western world in terms of Covid vaccinations. Now, a lot of countries are catching up, and you could view that as a proxy for future economic activity,' Schumacher said. 'The dollar is losing some of those tailwinds.'
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10-year Treasury yield will likely end the year above 2%, Wells Fargo's Michael Schumacher predicts
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