Tiktok's Irish unit records $1bn loss after setting cash aside to deal with potential regulatory fines

Latest accounts show that company continued to ramp up its operations here last year as revenues increased by 87% to $654.7m

The new accounts for the Irish unit show that numbers employed by the company last year increased by 289 from 2,631 to 2,920 as the company’s activities "continued to grow throughout 2023”. (AP Photo/Michael Dwyer, File)

The Irish arm of social media giant TikTok last year incurred a $1bn (€950m) pre-tax loss due to it setting aside $1bn for potential fines arising from regulatory investigations and legal proceedings.

That is according to new accounts for TikTok Technology Ltd which show that the company continued to ramp up its operations here last year as revenues increased by 87% from $350m to $654.7m.