ByteDance, the Beijing-based owner of TikTok, reported approximately 40 billion yuan (5 billion euros) in revenues for the January-March quarter, more than 130% over the same period a year earlier. Most of ByteDance’s revenues comes from advertising on its apps in China, including news aggregator Jinri Toutiao and Douyin, as well as from the TikTok. ByteDance apps have enjoyed a huge increase as a result of the Covid-19 pandemic.

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