Meta Platforms recorded steady growth in China-related revenue due to strong traction from mainland advertisers, as domestic brands vie for consumers in overseas markets.
In 2023, China will account for 10% of Meta's total revenue of $134,9 billion, up from 6% in the previous two years, according to financial results just announced by Meta on February 2. Online commerce and gaming benefited from strong demand from advertisers in China to reach people in other markets, Chief Financial Officer Susan Li said. Mainland sales contributed 2 percentage points to total revenue growth last year, she added.
The country also accounts for a larger share of Meta's revenue in the Asia-Pacific region in 2023, at 38%, up from 27% in 2022.
Although China blocks many international social media applications such as boulder. For example, Reuters reported in 2022 that China was X's fastest-growing overseas advertising market and one of its largest sources of non-US revenue. China is also its largest advertising market. Meta in Asia in 2017, according to a New York Times report that year.
Facebook has been blocked in China since 2009. To be able to reach the mainland market, Meta CEO Mark Zuckerberg came here in 2016 and 2017. However, both efforts were unsuccessful and could not make the application work. approved.
Also on February 2, Meta warned investors about geopolitical risks and the ongoing trade dispute between China and the US.
Meta reported a profit of $14 billion in the fourth quarter of last year, exceeding analyst forecasts as revenue rose to $40,1 billion in the period. The company said Facebook's monthly users are 3,07 billion.
In late 2021, Facebook changed the parent company's name to Meta Platforms to reflect Zuckerberg's vision of the virtual world, the "metaverse," as the next big computing platform.
(According to SCMP)
