China contributed massively to Meta’s great 2023, accounted for 10 per cent of its sale

Meta Platforms has experienced a steady increase in its China-related revenue, driven by strong engagement from mainland-based advertisers eager to reach foreign consumers. In 2023, China contributed 10 per cent of Meta’s total revenue, amounting to $134.9 billion, up from 6 per cent in the preceding two years, as disclosed in Meta’s financial results released on Friday. During an earnings call with analysts, Susan Li, Meta’s Chief Financial Officer, highlighted the influence of Chinese advertisers in the online commerce and gaming sectors, contributing significantly to Meta’s overall revenue growth. China’s sales played a pivotal role, contributing 5 percentage points to the company’s total revenue growth in the past year. In the Asia-Pacific region, China’s share of Meta’s revenue increased to 38 per cent in 2023, up from 27 per cent in 2022. Despite the Chinese government blocking its citizens from accessing global social media apps like Facebook and Instagram, China emerged as a leading advertiser on these platforms. State-related actors also leveraged the platforms’ global reach for influence activities. Facebook has been inaccessible in China since 2009 due to Beijing’s intensified internet censorship, aimed at eliminating content deemed politically “harmful” by the Chinese Communist Party. Despite efforts by Meta CEO Mark Zuckerberg to secure access to the Chinese market, including meetings with Chinese officials in 2016 and 2017, the platform remains blocked in China. Meta warned investors of geopolitical risks, acknowledging that ongoing trade disputes between China and the US could lead to actions by the Chinese government that reduce or eliminate Meta’s advertising revenue in China. The company reported a fourth-quarter profit of $14 billion, surpassing analyst expectations, with total revenue reaching $40.1 billion. Facebook’s monthly users stood at 3.07 billion, marking two decades since the platform’s founding by Mark Zuckerberg at Harvard University. In late 2021, Facebook rebranded its parent company to Meta Platforms, reflecting Zuckerberg’s vision of the “metaverse” as the next major computing platform. (With inputs from agencies)