Big Setback! TikTok Ad Sales Target Slashed By $2 Billion After Tech Downturn
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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...