"Cold" attack? TikTok aims to cut revenue by at least $2 billion

According to foreign media quoted by the Associated Press of Finance and Economics, affected by the weakness of global online consumption, TikTok will cut its global revenue target by at least $2 billion in 2022.
It is reported that a source said that TikTok CEO Zhou was funded to cut the revenue target of this year by 20% at an online staff meeting in late September.
Previously, TikTok estimated that the revenue this year would be between 12 billion and 14.5 billion dollars, and now it is adjusted to nearly 10 billion dollars.
The source also revealed that TikTok employees were accused of failing to promote the revenue growth of its advertising business and e-commerce business.
In the environment of weak global online consumption, TikTok, which is in a period of rapid growth, is also facing the same problems as its competitors.
Not long ago, Meta, which owns Facebook and Instagram, announced its third quarter results.
Its revenue in this quarter was $27.714 billion, down nearly 4% compared with the same period last year.
EMarketer, a market research institute, estimated that US advertisers' spending on social media is expected to be US $65.3 billion this year, up only 3.6% year on year, about 10 times lower than that in 2021.
The advertising business revenue is expected to decrease, and the development of e-commerce business in the European market has not achieved the expected results.
Previously, TikTok abandoned its plan to expand its live broadcast e-commerce in Europe and the United States after its entry into the UK live broadcast cargo market was blocked.
TikTok did not respond to the news about the revenue reduction target.
In addition, at the same meeting, TikTok employees were told that the parent company's ByteDance IPO plan was unlikely to take place this year.
In the past two years, ByteDance has been transmitted to the market, but Byte has always denied the listing plan on the ground that "it does not meet the listing conditions at present".
At the end of August this year, at a face-to-face employee event held inside ByteDance, Gao Zhun, CFO of ByteDance, said that ByteDance currently has no specific listing plan and no listing schedule.
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