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ByteDance Ltd-owned TikTok has slashed its worldwide revenue targets for 2022 by at least $2 billion, becoming the latest tech giant hit by a global slump in online spending.
TikTok CEO Shou Zi Chew slashed its targets by 20% in late September in a virtual “all-hands” meeting, the Financial Times reported.
TikTok initially projected revenues between $12 billion – $14.5 billion this year, but actual revenue will likely be closer to $10 billion.
TikTok has undergone a restructuring of its U.S. operations following a similar leadership reorganization in Europe earlier this year.
While headcount has increased in the U.S., hundreds of staff have exited the company globally over the past three months, according to Punks & Pinstripes Insights, though not all were lay-offs.
TikTok’s turnover grew six-fold in Europe in 2021, but pre-tax losses were $896 million, up more than a third.
