TikTok’s parent company ByteDance is cutting back its workforce in India, after the government there decided to renew its ban on TikTok and other apps of Chinese origin.
Reuters reported on an internal memo from ByteDance setting out its plans. “We initially hoped that this situation would be short-lived…we find that has not been the case,” it told employees. “We simply cannot responsibly stay fully staffed while our apps remain un-operational…we don’t know when we will make a comeback in India.” The company did not say how many of its more than 2,000 staff in India will be made redundant.
On a global level, the picture for ByteDance looks rosier however. The Information claimed yesterday that the company’s revenues more than doubled to $37bn in 2020, with its operating profit growing from less than $4bn in 2019 to more than $7bn last year.