...

Twitter Makes $19m From Australia, While Google Channels Billions Offshore

News Asia 360
ByNews Asia 360
on

Google quietly amassed a record AUD 8.4bn ($6.1bn) in revenue from Australia in 2022, with most of the profits channelled offshore via reseller agreements. Meanwhile, Twitter made only AUD 19m in gross revenue from Australia for the same period, despite a 30% YoY increase. According to its financial documents, Twitter swung from AUD 2m loss to AUD 535,169 profit in 2022. Twitter’s tax bill was AUD 804,217. The accounts lodged with the Australian Securities and Investments Commission show Google Australia had AUD 1.9bn in net revenue, paid AUD 92m in income tax and made an after-tax profit of AUD 274m for 2022.

Google’s Tax Reduction Strategy in Australia Raises Concerns as Revenue Surges.

Google's Tax Reduction Strategy in Australia Raises Concerns as Revenue Surges.

Google shifts most of its earnings to an international subsidiary, reducing the tax it has to pay in Australia. Gross revenue rose 12.5% in 2022 to AUD 8.4bn, and advertising revenue grew from AUD 6.1bn to AUD 7.1bn, up 16.4%. Google publicly supports efforts to reform the global tax system and is a voluntary signatory of Australia’s Tax Transparency Code. On the other hand, Twitter does not return journalists’ requests for comment.

The two companies’ financial disclosures reveal the strength of some of the world’s most powerful tech companies and their ability to generate cash in an environment of weak economic conditions and advertising dollars drying up towards the end of the year. Despite their growth, Google and Twitter are facing challenges. Google is competing with Microsoft’s Bing search engine, while Twitter is contending with the rise of TikTok.

Welcome to our brand-new UI website! 🌟 We’re thrilled to have you here, and we hope your experience exploring our sleek and intuitive interface is nothing short of delightful. Our redesigned UI is more than just a visual upgrade – it’s a reflection of our commitment to providing you with an enhanced and enjoyable online journey.

We’ve incorporated the latest design trends and technologies to make your interaction with our website seamless, responsive, and, most importantly, tailored to your needs. Thank you for being a part of our online community. Your presence makes our website come to life, and we look forward to serving you in the best possible way.

Happy exploring! 🚀✨

Seraphinite AcceleratorOptimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.