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.
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 apps such as X (formerly Twitter), Google's YouTube, Facebook and Meta's Instagram, that has not stopped the country from becoming a top advertiser on the platforms.
Facebook has been blocked in China since 2009. To be able to access the mainland market, Meta CEO Mark Zuckerberg came here in 2016 and 2017. However, both efforts were unsuccessful and could not get the application 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.
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)
