TikTok has tripled its profits and doubled its revenue in a single year in Australia, but the short-form video platform’s rapid growth could soon slow as it stares down the barrel of a social media ban on young people.
New accounts show TikTok Australia made $679 million in the year to December 31, up from $375.2 million the year before. It posted profits of $31.2 million, almost three times the $11.4 million in 2023.
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