ByteDance, the Chinese maker of video-sharing app TikTok, finished the first half of 2019 with a revenue of up to 60 billion yuan (around $8.4 billion) according to Reuters.
The results were better than expected, according to sources familiar with the matter.
The company has yet to make a public announcement but it seems the result is a turning point for ByteDance which made losses earlier in the year.
The company benefitted from the rapid growth of its popular TikTok app globally. It adjusted its earnings goals to 120 billion yuan for 2019.
In 2018, the company generated $7.2 billion in revenue and is now valued at $78 billion.
However, much of its revenue is still coming from within China and the start-up is in the early stages of making a splash against major competitors such as Tencent Holdings Ltd and Baidu Inc.
TikTok is not monetising heavily just yet, but the company recently unveiled plans to boost ad options in Indonesia. This should provide the company with steadier ad revenue in the area.