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TikTok slashes ad revenue targets amid economic downturn

November 10, 2022
Source: siliconrepublic.com siliconrepublic.com
News Snapshot:
The Chinese-owned business has reportedly cut its forecast due to a slowing global economy and a crunch in the ad industry, which has impacted many giants in the tech sector. Tiktok owner ByteDance has cut roughly $2bn from its 2022 ad revenue targets and is restructuring its US operations, in response to the global downturn impacting the tech sector. TikTok CEO Shou Zi Chew told some staff that the company has reduced its ad forecast for 2022 from around $12bn to $10bn, a person familiar with the matter told Bloomberg. The new forecast represents the recent crunch hitting global advertising...
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Tags: advertising | app | Bloomberg | Business | ByteDance | CEO | children | China | Chinese | data | Economy | European | finance | financial | Google | Microsoft | online video | revenue | search engine | Singapore | social media | technology | TikTok | United Kingdom | White House

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