TikTok doubts its ban on government devices will hurt business as the Chinese-owned social media app easily more than doubled revenue and profit in Australia last year, despite facing intense scrutiny across the Western world.

Financial statements filed with the corporate regulator reveal TikTok Australia revenue surged to AU$173.9 million (FJ$254.96m) in calendar 2022 – up from AU$66 million (FJ$96.77m) the year before. Profit was just under AU$5.4 million (FJ$7.92m), up from AU$1.7 million (FJ$2.49m).

That number is likely to continue to grow.

In April, the Australian government banned TikTok from official devices, saying it “poses significant security and privacy risks” due to the amount of data it harvests and “exposure to extrajudicial directions from a foreign government that conflict with Australian law”.

TikTok’s filings reveal the company is unconcerned by the commercial impact of such a move.

By: Financial Review

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