TikTok slashes ad sales target by €2bn after tech downturn

Many of the world’s largest firms including Google owner Alphabet, Amazon, Facebook owner Meta and Microsoft have reported results that largely fell short of projections, shaving hundreds of millions to billions of dollars from their market valuations

Like most social media platforms, TikTok makes most of its revenue from advertising. Picture: AP Photo/Kiichiro Sato

TikTok owner ByteDance has slashed about $2bn (€2bn) off its target for 2022 ad revenue, underscoring the fallout of a global downturn that’s hammered fellow internet giants from Google to Meta.

TikTok CEO 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 $10bn from at least $12bn previously, according to a person briefed on the matter.