TikTok has cut its outlook for advertising revenue this year to $US10 billion from $US12 billion, according to multiple reports of about an internal meeting.
The Wall Street Journal quoted employees who attended an online staff meeting called by TikTok CEO Shou Zi Chew.
Financial newswire Bloomberg reported also that ByteDance Ltd’s TikTok has slashed about $2 billion off its target for 2022 ad revenue, underscoring the fallout of a global downturn.
However, TikTok is still the challenger among social media platforms. It's reforecast still shows marked growth, up 150% from last year, and compared to $4 billion in 2021.
The social and digital media sector has been revising downard advertising revenue forecasts following economic headwinds.
Meta is sacking of 11,000 after growing too fast and hiring too many during the heady lockdown days of the pandemic when consumers were stuck at home, living and buying online.
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