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

  • World’s most valuable startup reining in internal projections
  • Worsening economic outlook is hammering Google, Facebook
TikTok makes most of its revenue from advertising. 

TikTok makes most of its revenue from advertising. 

Photographer: Brent Lewin/Bloomberg

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.