Meta Q1 results: Revenue up 3% to $28.7 billion, net profit plummets 24%

Facebook-parent Meta reported better-than-expected earnings for the primary quarter (Q1) of 2023 as income rose 3% to $28.65 billion in contrast with $27.9 billion from the year-ago interval. The income figures beat the Street expectations of $27.65 billion, in accordance with Refinitiv.

However, the corporate’s web revenue dropped considerably by 24% to $5.7 billion from $7.5 billion in Q1 2022.

“We had a good quarter and our community continues to grow,” stated Mark Zuckerberg, Meta founder and CEO. “Our AI work is driving good results across our apps and business. We’re also becoming more ecient so we can build better products faster and put ourselves in a stronger position to deliver our long term vision.”

Meta Platforms Inc forecast second-quarter income above market expectations because the digital promoting market shifts to tried and examined platforms reminiscent of Facebook and Instagram throughout financial uncertainties, sending its shares 9% increased in prolonged buying and selling.

The proprietor of the world’s largest social media platforms has benefited from a shift in advertising budgets to confirmed platforms reminiscent of Facebook, serving to it keep resilient in a downturn that has hit development at rivals reminiscent of Snap Inc.

Meta, whose inventory has risen about 74% up to now this 12 months, stated it’ll lay off 10,000 employees this 12 months, making it the primary Big Tech firm to announce a second spherical of layoffs after its first mass layoff within the fall the place it minimize 11,000 jobs.

The firm expects current-quarter income between $29.5 billion and $32 billion, in contrast with analysts’ estimates of $29.53 billion, in accordance with Refinitiv information.

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