Its operating loss margin of 30 per cent last year, up from 20 per cent in 2022, was primarily attributed to “one-off provisions of legal and related matters” that cost more than US$1 billion.
The United Kingdom is one of TikTok’s major markets outside the United States. Photo: EPA-EFEThe unit did not provide a geographical breakdown of its 2023 revenue. A 2022 disclosure previously showed the European Union contributed 57 per cent of revenue, followed by the United Kingdom with 22 per cent.
The firm said it set aside more than US$1 billion by the end of last year as provisions for “legal and related matters”. The unit said it also prepared for “potential liabilities arising from various ongoing regulatory compliance investigations or decisions made by relevant regulators”.
Source link : https://www.scmp.com/tech/big-tech/article/3282488/tiktoks-2023-revenue-rises-75-europe-uk-and-other-markets-outside-us-asia
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Publish date : 2024-10-15 12:30:00
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