TikTok, the popular social media platform, announced layoffs affecting 60 employees, mostly in sales and advertising. The company did not provide a reason for the layoffs, but impacted workers can apply to other open positions at TikTok, which currently has more than 120 similar job listings. This news comes as the tech industry continues to shed jobs in the new year, with major tech companies like Amazon, Google, and Discord also announcing layoffs.
TikTok’s Q2 Performance
TikTok’s Q2 performance has been affected by the layoffs, which have impacted employees in Los Angeles, Austin, and New York. The company’s growth has decelerated, with its monthly active users growing an average of 12% year-over-year per quarter in 2022, dropping to 3% in 2023. Despite these challenges, TikTok remains the number one app on the iOS App Store entertainment charts and holds the fifth position among all free apps.
ByteDance, TikTok’s parent company, has not commented on the layoffs. However, the company has been facing controversy in Congress over its Chinese parentage. TikTok has also launched an e-commerce arm and marketplace that allows merchants to sell products on its platform.
TikTok’s Q2 layoffs have impacted employees and raised concerns about the company’s growth. The tech industry’s ongoing job cuts have further exacerbated the situation. ByteDance, TikTok‘s parent company, has not commented on the layoffs but has been facing controversy over its Chinese parentage.
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