As many tech companies have laid off employees to cut costs, TikTok is moving in the opposite direction.
The Chinese-owned social media company has committed to adding about 3,000 engineers as part of a three-year drive to build up its workforce globally — including in the United States.
TikTok, which is mostly outpacing its rivals among the coveted US teen market, appears to be growing more than companies like Meta, Amazon, and Twitter that have all announced slews of layoffs recently.
“We’ve always been more cautious about hiring,” TikTok CEO Xu Zi Qiu said in Singapore this week, according to the Wall Street Journal. “We’re still hiring, despite the pace we think has to match the global challenges we face.”
As many tech companies have laid off staff to cut costs, TikTok is moving in the opposite direction — by hiring about 3,000 engineers.
“We are still hiring, despite the speed we think should match the global challenges we face,” said Singapore-based TikTok CEO Shou Zi Chew. Above: The ByteDance logo is seen in its Beijing, China office
People familiar with its plans told the newspaper that TikTok is hiring at its Singapore hub as well.
The company plans to increase the size of its engineering center in Mountain View, California, where it already has more than 1,000 engineers, according to the magazine.
Meta, which owns Facebook, Instagram and WhatsApp, laid off 11,000 employees this month. Before the holiday season, Amazon could cut up to 10,000 jobs. Elon Musk’s Twitter has laid off about half of its 7,000 employees.
Online payments company Stripe laid off 1,100, Lyft laid off 700, Coinbase and Shopify each cut just over 1,000 jobs, Snap cut 1000 and Robinhood cut 30% of its staff.
TikTok said in 2020 that it wanted to hire 10,000 workers, an announcement that came as it was facing intense scrutiny from lawmakers in Washington, DC.
Sources familiar with its plans told the magazine that the company is looking for engineers to improve the features users see on the app, and to improve the algorithm and other behind-the-scenes infrastructure that makes TikTok work.
The company also wants to add to teams figuring out how to make money from the app, the magazine wrote, growing its e-commerce team and adding contractors to monitor inappropriate videos.
Meta, which owns Facebook, Instagram and WhatsApp, laid off 11,000 employees this month
Elon Musk’s Twitter has laid off about half of its 7,000 employees. Online payments company Stripe laid off 1,100, Lyft laid off 700, Coinbase and Shopify each cut just over 1,000 jobs, Snap cut 1,000 jobs and Robinhood cut 30% of its staff.
The company is owned by ByteDance, and is based in Beijing, China, but has offices in Los Angeles, New York, Dublin, London and Singapore.
However, even TikTok isn’t completely immune to the larger forces — declining advertising driven by consumers held back by inflation — that are shaping the economy.
TikTok cut its revenue target for the year by $2 billion — from an expected $12-14 billion to around $10 billion.
Silicon Valley mainstays that saw huge revenue booms during the Covid pandemic — spurred by lockdowns that forced everyone online — are now grappling with the fact that consumers are lagging behind on returning to their typical spending and behavior patterns.
“Not only has online commerce returned to previous trends, but the overall economic downturn, increased competition and loss of advertising signal have left our revenues much lower than I would have expected,” CEO Mark Zuckerberg said when announcing the layoffs at Meta. You got this wrong, and I take responsibility for it.