Financial Times:
Sources: TikTok slashed its global revenue targets from $12B-$14.5B to ~$10B; employees complain that the company overspent in salaries, social events, and more — Fast-growing social platform cuts ambitious goals by 20% as some staff complain of lavish spending
Reuters:
JD.com plans to cut salaries of 2,000+ senior managers by 10%-20% in 2023, aiming to improve benefits for other staff, amid China’s “common prosperity” drive — China’s JD.com said on Tuesday it would cut the salaries of more than 2,000 senior managers by 10% to 20% next year …
Maria Deutscher / SiliconANGLE:
Gartner forecasts public cloud spending will grow 20.7% to $591.8B in 2023, including SaaS spending up 16.8% to $195.2B and PaaS spending up 23.2% to $136.4B — Worldwide spending on public cloud services will grow 20.7% in 2023, to $591.8 billion, according to a new Gartner Inc. forecast released today.
Erin Woo / The Information:
Sources: Instacart slashed its internal valuation to ~$13B, its third cut this year, as it seeks to reset investor expectations ahead of an IPO — Instacart, the instant delivery company gearing up to go public, has slashed its internal valuation to about $13 billion, according to two people familiar with the matter.
Mike Wheatley / SiliconANGLE:
Micron reports Q4 revenue down 25% YoY to $6.64B, from $8.27B, plans to cut total capital spending by 30% YoY and wafer-fab equipment spending by nearly 50% YoY — Reporting its fiscal fourth-quarter earnings today,Micron Technology Inc. warned investors that it’s planning to take drastic measures …
Washington Post:
A provision to bar TikTok from government devices was included in the US government’s $1.7T omnibus spending bill that is due for a vote this week — Democrats and Republicans on Tuesday included language in a must-pass spending bill that would, for the first time, ban federal employees …
Che Pan / South China Morning Post:
Chinese media reports: Xiaomi plans to lay off ~15% of its 35,314 employees amid weaker sales due to China’s COVID-19 lockdowns and slower consumer spending — Chinese smartphone giant Xiaomi, which has an ambitious goal of unseating iPhone maker Apple from the No 1 spot globally by 2024 …
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