Last year, ByteDance’s total revenue growth slowed dramatically.
According to two persons close to the situation, this is the case.
The TikTok owner’s income reportedly increased by 70% year over year to roughly $58 billion, a far cry from the 100% boom recorded the year before.
A request for comment from ByteDance was not immediately returned.
If true, ByteDance will be following in the footsteps of other Chinese tech behemoths such as Tencent and Alibaba.
Due to a wide-ranging crackdown by the country’s regulators, both have reported worse performance.
Authorities have established new guidelines for how businesses like as ByteDance conduct business and communicate with their customers.
Lower internet ad sales have also harmed tech companies.
According to a report published by a local marketing research firm,overall growth of online ad sales in China dropped to around 9% last year, from nearly 14% the year before.