Total revenues of Chinese tech giant ByteDance, owner of short-video social media app TikTok, grew by 70% year-on-year in 2021, reaching around $58 billion, reports Reuters. The growth was slower than in 2020, partially due to China’s tightening tech regulations.
The figures were disclosed to a small group of employees at an internal meeting of the social media giant this week, according to two people familiar with the matter. In 2020, the Beijing-based company’s total revenue grew by over 100% to $34.3 billion.
Chinese tech companies from Tencent to Alibaba have reported slowing growth amid a wide-ranging crackdown by the country’s regulators who have rolled out new rules governing how they operate and interact with their users.