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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.