TikTok slashes worldwide revenue targets by $2bn – Latest Retail Technology News From Across The Globe – Charged – Charged Retail
TikTok has slashed its worldwide revenue targets for 2022 by at least $2 billion, the Financial Times reported.
The social media giant has struggled to meet its ambitious goals, joining the likes of rivals Meta and Snap in the global online spending slump.
According to company CEO Shou Zi Chew, targets were slashed by 20% in late September, the Financial Times reported.
TikTok initially projected revenue to fall between $12 billion and $14.5 billion this year, however actual revenue is now believed to be closer to $10 billion, people familiar with the matter told the Financial Times.
During an all-hands meeting staff were blamed for not driving enough sales in both its advertising and ecommerce units.
Click here to get the latest retail tech news, comment and intel straight into your inbox each day
As a result, the business is now operating under a new leadership team focused on restoring the core of
However, several current and former employees said that the Chinese tech giant had overspent in other areas, from salaries to social events.
Staff were told in the same meeting that the upcoming listing of TikTok’s parent firm, ByteDance, was more than likely to be delayed until further notice.
Despite TikTok’s meteoric rise to the top of the social media sector, it’s not immune to the same issues that are plaguing its rivals.
Last month, Meta posted a 4% decline in revenue while both Snap and YouTube paint a similar picture, all missing analyst expectations.
Your email address will not be published. Required fields are marked *
Sign up to our daily newsletter to get all the latest retail tech news and insights direct to your inbox.
In association with:
Editorial: 0208 222 0503
Commercial: 07854 369 791
UK: Four Cavendish Square,
Marylebone, London, W1G 0PG
© 2022 Copyright Charged. All rights reserved. Alphanet Web Design Agency