ByteDance-owned social media company TikTok has slashed nearly 60 positions in its sales and advertising department, impacting jobs across the company’s Los Angeles, New York, Austin, and overseas locations, according to Bloomberg. Still, the slashed positions will amount to a small percentage of TikTok’s nearly 7,000 headcount in the U.S.
TikTok joins multiple tech names in announcing job cuts this month. eBay (NASDAQ:EBAY) is lowering its workforce by nearly 9% as the company grapples with a slowdown in consumer spending. Google (NASDAQ:GOOG) (NASDAQ:GOOGL) is also looking at additional layoffs as AI grows, with dozens of employees being let go from its Moonshot X lab.
However, the biggest headcount adjustment came from SAP (NYSE:SAP) today after the company announced a major restructuring program that will impact nearly 8,000 jobs. SAP plans to spend nearly €2B in its restructuring drive as the company increases its focus on AI.
Meanwhile, TikTok continues on its rapid growth trajectory. The social media platform aims to increase its U.S. business by as much as tenfold this year. This ambitious goal could pit TikTok against eCommerce giant Amazon (NASDAQ:AMZN), PDD’s (NASDAQ:PDD) Temu, and Shein. TikTok has so far notched up nearly 150 million users in the U.S.
Is PDD a Good Stock to Buy?
While Google and Amazon have generated substantial share price gains for investors over the past year, the TipRanks Comparison Tool indicates that the highest upside potential of 21% is in PDD shares among the names on our list today.
Read full Disclosure
