In 2023, the losses of the Russian legal entity TikTok (Tiktok Rus LLC) amounted to 427 million rubles, compared to 530 million rubles in the previous year. The company’s revenue declined for the second year in a row. This follows from the data of the Federal Tax Service, notes RB.RU.
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The social network’s revenue in Russia at the end of last year fell by 71% to 681 million, a year earlier it was 2.36 billion rubles, 29% less than the result of 2021.
Working capital was formed from equity capital by 5%, more than 10% is recommended. The company’s activities are not profitable, as can be seen from the financial statements.
- In 2022, the Russian legal entity TikTok increased its profits 10 times over the year, up to 530.3 million rubles. Most of the company’s funds came from advertising: 1.4 billion, although compared to 2021 this figure is almost 2.5 times lower. Other sources of income include providing marketing and consulting services to its parent company.
- In March 2023, TikTok suspended monetization of creators from Russia, including placement of advertising targeting the country. Additionally, the platform banned users located in the Russian Federation from posting videos and conducting live streams.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
