In 2017 ByteDance, owner of such popular apps as newsfeed service Toutiao, made a slim profit. Last year, after the costly launch of its video app TikTok outside of China, the company lost $1.2 billion, The Information has learned. Results of the expansion were mixed: TikTok has become widely used in India but not in the U.S., according to previously unreported data.
Despite the heavy loss, ByteDance is planning an even more ambitious expansion. It is quietly laying the groundwork to launch a work collaboration and productivity app in the U.S. and other overseas markets, people familiar with the matter said. The move poses a potential challenge to the likes of Slack, Microsoft and Google.