Facebook shifts more than $1.1b offshore as local profits rise 36pc

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.

Accounts lodged by with the corporate regulator show Facebook Australia, owned by Meta – the parent company of Instagram, WhatsApp and Quest – grew despite a broader advertising slump. It reported $1.34 billion from Australian advertisers in the year, up 6.8 per cent from $1.26 billion the year before.