Shulou(Shulou.com)11/24 Report--

CTOnews.com, Nov. 12 (Xinhua) Social media company TikTok is one of the global macroeconomic headwinds that have cut marketing budgets and hit technology companies when the digital advertising industry is in trouble, according to the Wall Street Journal.

Zhou Jie, chief executive of TikTok, told employees at an online meeting held by TikTok in recent weeks that the company had lowered its advertising revenue target this year from at least $12 billion (about 85.44 billion yuan) to $10 billion (about 71.2 billion yuan).

CTOnews.com learned that US media said that TikTok's sharp cut in advertising revenue forecasts showed that the fast-growing short video app was not immune to the decline of the advertising industry reported by other social media companies.

TikTok's revenue comes mainly from advertising, and the revised forecast is still up 150 per cent from last year, the employee said. According to them, TikTok's advertising revenue in 2021 is about $4 billion (about 28.48 billion yuan).

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