Meta, the parent company of Facebook, has announced a profit of $5.7 billion in the first quarter of 2023, beating forecasts after a massive wave of cost-cutting and layoffs. The company’s revenue was $28.6 billion, and the number of people using Facebook every month grew to just shy of three billion.
Shares in Meta surged nearly 12% to $233.94 after the earnings report was released. The number of advertisements shown across Meta’s “family of apps,” which includes Instagram, increased by 26% from the same period a year earlier, but the average price per ad slipped.
Meta’s headcount was down to 77,114 in March, with more staffing cuts planned. Facebook has cut almost a quarter of its global workforce, more than 20,000 jobs, in just a few months.
Meta’s CEO, Mark Zuckerberg, called 2023 the “year of efficiency” and said that artificial intelligence is “driving good results” across the business. AI is used for handling content, security, and in Meta’s ad platform. Zuckerberg said that the work happening now will impact every single one of their apps and services.
The company is building the metaverse, which is the world of virtual reality, but its Reality Labs division reported an operating loss of nearly $4 billion. Despite the slow adoption of the technology, Meta remains committed to the metaverse project. Meta will release a new model of its Quest virtual reality headset for consumers later this year.
Zuckerberg said that along with the metaverse, artificial intelligence is another “major technological wave” being ridden by the company. The work happening now is going to impact every single one of their apps and services. Meta remains committed to its long-term vision of building a stronger position to deliver its long-term vision.
For the latest tech news, follow Techbar Nepal on Facebook, and Instagram.
For Digital Products and Services: Maurisys Software.
