TikTok Slashes Ad Sales Target by $2 Billion After Tech Downturn

(Bloomberg) — ByteDance Ltd.’s TikTok slashed about $2 billion off its target for 2022 ad revenue, underscoring the fallout of a global downturn that’s hammered rival 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 lowered its ad forecast for 2022 by 17% to $10 billion from at least $12 billion previously, according to a person briefed on the matter. Like most social media platforms, TikTok makes most of its revenue from advertising.