ByteDance’s revenue rose by about 70% last year to roughly $58 billion, slowing from a year earlier, people familiar with the matter said, as Beijing tightened scrutiny over internet companies
each suffered slowdowns in year-over-year revenue growth in the most recent quarter for which they have reported. The pinch from new regulations and a sluggish economy have prompted companies in the sector toByteDance is one of China’s hottest startups—last valued at $180 billion after a fundraising round in late 2020, counting Sequoia Capital andThe company shot to prominence within China and globally with its viral short-video platforms Douyin and TikTok.
In recent years, ByteDance itself had expanded into education, gaming and other business areas. But the company has begun to retreat from some of them since the middle of last year as part of a reorganization overseen by newly installed Chairman Liang Rubo to trim costs and streamline operations, two of the people said. ByteDance has since cut thousands of employees, the people added.On Wednesday, ByteDance said it would dismantle its strategic-investment unit.
With ByteDance facing challenges at home, the company is banking increasingly on TikTok to drive growth.
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