Tech Slowdown

TikTok slashes advertising sales target by $2bn amid global downturn

The downsized ambition reflects a pullback in marketing spending worldwide as companies and consumers tighten budgets and prepare to ride out a potential recession

Like most social media platforms, TikTok makes most of its revenue from advertising. Picture: Getty

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.

Shou Zi Chew, TikTok’s chief executive officer, 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 ...