Meta increasingly ‘reliant’ on Chinese advertisers for growth

Analysis of the difference between Meta’s revenue by user location and advertiser location.

Not even the most bullish of forecasters could have predicted Meta’s resurgence 18 months ago.

The company’s ad revenue reached $38.7bn in Q4 2023, a $7.5bn increase on the same period last year. As observed by Brian Wieser, founder of Madison and Wall, if that incremental gain were any other company’s full year revenue, it would rank “among the top ten sellers of advertising globally”.

Investors are impressed: Meta’s market cap once again exceeded $1tn in the wake of its latest earnings. However, there are signs that this stellar performance is increasingly dependent on sustained levels of investment...

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