ByteDance told staff at a meeting that its revenue in 2020 doubled to $34.3 billion and its operating loss was $2 billion, according to a memo seen by Reuters.

The Beijing-based tech giant is one of the world’s largest private tech companies with an estimated value of about $300 billion, it had previously been reported that the company had a revenue goal of around $30 billion for 2020.

Its apps, including TikTok and its Chinese equivalent, Douyin, have become vital social media tools for fashion and beauty players and are now aiming to become more direct sales partners for brands by doubling-down on e-commerce as a key part of ByteDance’s strategy in both the US and in China.

ByteDance posted a widening net loss of $45 billion and a gross profit of $19 billion, representing 93 percent growth year-over-year, the company told employees in the meeting, upon which the memo was based, Reuters reported.