The Meta-owned social media giant defied the challenging advertising market to add $85 million in extra ad revenue last year, new accounts show.
Already a subscriber?Facebook’s Australian operations funnelled $1.14 billion – $100 million more than last year – to its businesses overseas in exchange for “services” after the Meta-owned social media giant’s local profits soared 36 per cent in the 12 months to December 31.
Meta chief executive Mark Zuckerberg. The company will stop paying Australian publishers for their content despite a 36 per cent rise in local profits.Globally, the company founded by Mark Zuckerberg in 2004, made $US40.1 billion in revenue and $US14 billion in profit in the final three months of 2023. Australia, Facebook’s local managing director Will Easton said, as a proxy for its global growth. “We don’t break out the results.
The number of people working for Facebook in Australia fell by 16 per cent, after Meta announced a plan to cut 10,000 employees. Its local headcount fell to 131 from 156.
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