TikTok owner's growth slowed to 70% - sources2022|01:22
China's ByteDance saw its total revenue growth slow significantly last year. That's according to two sources close to the matter. The TikTok owner reportedly saw its revenue grow by 70% year-on-year to around $58 billion - well down on the 100% growth seen a year before. ByteDance did not immediately respond to a request for comment. If confirmed, ByteDance will have followed a trend set by other Chinese tech giants like Tencent and Alibaba. Both have reported weaker performance due to a wide-ranging crackdown by the country's regulators. Authorities have set new rules on how companies like ByteDance carry out deals and interact with their users. Tech firms have also been hurt by lower online ad sales. A report by one local marketing research group said overall growth of online ad sales in China dropped to around 9% last year, from nearly 14% the year before. It reported that ByteDance kept its second-placed position in China's online advertising market last year, behind Alibaba. One sign of hope came from app tracker Sensor Tower. It said users spent more than $2 billion last year in TikTok and its Chinese version Douyin - well up on a year before.