Advertising revenues on TikTok and its Chinese counterpart, Douyin have increased by 30% to approximately $25 billion.
According to the newspaper, only about $15 billion was generated outside of China, despite being more than double the figure for 2021.
According to the Financial Times, the figures came from two unnamed investors who were familiar with the results.
Last year, ByteDance was valued at $300 billion, making it the world’s most valuable privately held company.
Despite soaring profits, TikTok CEO Shou Zi Chew testified before Congress last month, revealing the founders had a smaller stake than previously estimated.
Chew stated that Yiming and Liang Rubo, the CEO of ByteDance, own approximately 20% of the company. Yiming led ByteDance from its inception in 2012 until 2021, when Rubo took over as CEO.
Chew testified to allay fears that ByteDance was sharing data on US users with the Chinese government.
The Biden administration has threatened ByteDance with a US TikTok ban if the app is not sold. Over similar security concerns, more than a dozen other countries have partially or completely banned TikTok.
TikTok hired an executive coach who was a former advisor to President Obama and Disney to work with Chew for more than a month before his hearing.
However, some members of ByteDance appear unconcerned about the possibility of a US ban.
According to The Verge’s Command Line newsletter, Erich Anderson, one of its lawyers in charge of discussions with the US government, was asked about contingency plans if the app was banned in the US.
According to the report, Anderson responded to the question with laughter and “outright dismissed the possibility of a ban.”
ByteDance did not respond to a request for comment from the Financial Times and did not respond immediately to an inquiry from Insider.