Tech downturn – pressnews

[ad_1] TikTok has slashed about $2 bn off its target for 2022 ad revenue, underscoring the fallout of a global downturn. ByteDance Ltd.'s TikTok has slashed about $2 billion off its target for 2022 ad revenue, underscoring the fallout of a global downturn that's hammered fellow internet giants from Google to Meta Platforms Inc.TikTok Chief Executive Officer Shou Zi Chew told a handful of employees during a recent meeting that the Chinese-owned app has slashed its ad forecast for 2022 to $10 billion from at least $12 billion previously, according to a person briefed on the matter. The revision didn't include smaller business segments such as e-commerce, the person added, asking to not be identified discussing private information. The downsized ambition reflects a pullback in marketing...

[ad_1] Signs are piling up that the tech downturn may be deeper and longer-lasting than feared. Signs are piling up that the tech downturn may be deeper and longer-lasting than feared. After years of record capital spending, chipmakers are warning on a weekly basis that demand is sputtering. In the latest sign of trouble, Samsung Electronics Co. and Advanced Micro Devices Inc. reported disappointing results within hours of each other that widely missed projections. Samsung -- the world's largest memory chipmaker -- reported a 32% dive in operating income, while PC-processor maker AMD said it will miss its earlier forecast by about $1 billion. Analysts' reactions ranged from “breathtaking” to “Uff-da!” Those numbers followed grim comments from memory makers Micron Technologies Inc...

Tag: Tech downturn

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