ByteDance, the Chinese parent company of the latest video app TikTok announced that they are laying off hundreds of employees in various departments at the end of 2022 as part of cost-cutting measures based on recent reports.
Job reductions have been implemented in Douyin. Douyin, the TikTok app in China, has about 600 million daily users, as well as the company's gambling and real estate operations, the report added.
However, these job cuts are said to represent only a small percentage of ByteDance's workforce. So far ByteDance has not commented on further inquiries from the media.
On the other hand, in November last year, Facebook's parent company Meta also announced that they would lay off more than 11,000 workers, in order to cut costs following disappointing earnings and a decline in revenue.
Based on the accumulated data, the year 2023 is expected to be a challenging year for most industries and also the country.
