TikTok parent company ByteDance’s operating losses tripled to $7.15 billion in 2021, while revenues rose 80% to $61.7 billion, The Wall Street Journal reported on Thursday, adding that the Beijing-based company spent heavily to continue its rapid growth. A large portion of the company’s spending last year was due to its expansion into new areas, the report said, including spending $4 billion on acquiring mobile game developer Shanghai Moonton Technology in March 2021. The company also purchased Chinese virtual reality startup Pico for $9 billion last August. However, the Journal reported that ByteDance achieved nearly $18.3 billion in operating profit in the first quarter of 2022, a period in which its net losses fell 84% year-on-year to $4.7 billion. [The Wall Street Journal]
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