TikTok Files 2022 Financial Results for the UK and Europe

TikTok has filed the financial results for its European/international business for FY 2022, which were published on UK Companies House by TikTok Information Technologies UK Ltd. 

What are the numbers? The filing covers the apps business in the European Economic Area, the UK and Switzerland. In those areas, company revenues grew from $990.5 million in 2021 to $2.62 billion in 2022, up 164.3%.YoY. TikTok’s UK and EU revenues combined in 2022 were $2.05 billion, more than double the 2021 number of $811 million. Its European/international businesses combined generated $1.652 billion in advertising revenue in 2022, a notable increase from $802.3 million in 2021.

TikTok Information Technologies UK Ltd also revealed a 2022 annual operating loss of $512 million, down from $895 million the previous year. TikTok's operating loss margin “increased significantly when compared to 2021” due to “a combination of an increasing revenue driven by user base growth and a policy optimizing cost efficiencies and reducing overall spending of the group throughout the year,” according to the company.

What they're saying: TikTok said that the size of its "userbase and users’ level of engagement are crucial to the continued growth of our business, which continues to be significantly determined by our ability to retain our existing users and attract new users in a cost-efficient manner while also continuing to attract cultivate and retain content creators contribute content."