TikTok Slashed Ad Revenue Targets for 2022 by $2B—Forecast Now at $10B from Initial $12B

Per Bloomberg

TikTok lowers its ad revenue targets for 2022 by $2 billion. This is because the platform competes intensely with giants from Google to Meta.

The company slashed its 2022 forecast from $12 billion to $10 billion.

ByteDance has postponed plans for an IPO as investors are getting more cautious. In September, the company offered to buy up to $3 billion of its shares at a $300 billion valuation to give existing backers a way to cash out.