TikTok proprietor ByteDance noticed its whole income develop by 70% 12 months on 12 months to round $58 billion in 2021, in accordance with two individuals aware of the matter, slower development than a 12 months earlier as China tightens its regulation of huge tech firms.
The figures have been disclosed to a small group of workers at an inner assembly of the social media large this week, in accordance with the individuals.
In 2020, the Beijing-based firm’s whole income grew by over 100% to $34.3 billion, Reuters has reported.
ByteDance didn’t instantly reply to a request for remark.
Chinese language tech firms from Tencent Holdings to Alibaba Group have reported slowing development amid a wide-ranging crackdown by the nation’s regulators who have rolled out new rules governing how they function and work together with their customers.
Tencent within the third quarter posted its slowest income development because it went public in 2004.
ByteDance retained its second-ranked place in China’s internet marketing market final 12 months, with a market share of 21%, in accordance with a latest report revealed by researcher Interactive Advertising and marketing Lab Zhongguancun.
The primary place was nonetheless held by e-commerce large Alibaba, and third place went to gaming large Tencent, in accordance with the report.
The general development of on-line advert gross sales in China declined to 9.3% in 2021 from 13.8% a 12 months earlier, the report says.
Tech information web site The Info final November reported that ByteDance’s 2021 income was on observe to rise about 60% to 400 billion yuan ($63.07 billion).
ByteDance is one of the world’s biggest non-public tech firms with latest trades within the private-equity secondary market valuing it at about $300 billion, Reuters has reported.
Following Beijing’s antitrust efforts, ByteDance has lately been downsizing its highly effective funding arm.
In November, ByteDance reorganized itself into six enterprise models in its largest organizational change since ByteDance founder Zhang Yiming stated in Could he would step down as CEO.
Moreover TikTok, ByteDance’s different apps embrace its Chinese language equal Douyin, information aggregator Jinri Toutiao and video-streaming platform Xigua.
In 2021, customers spent roughly $2.3 billion in TikTok and the iOS model of Douyin, a 77% soar year-over-year, in accordance with app tracker Sensor Tower.
