Meta’s Q1 2023 revenue soars to $29b
Meta, the technology behemoth has posted $29b revenue for the first quarter of 2023.in the report which was posted recently, Mark Zuckerberg, CEO and Founder of the company expressed satisfaction with Meta’s financial performance for the quarter.
“Our AI work is driving good results across our apps and business. We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision,” he said.
Meta, which has been in the news for its mass layoffs, recorded a revenue of $28.65 billion, up 3% year-over-year and an increase of 6% year-on-year on a constant currency basis. Net income fell 24% this quarter compared to the same period last year.
Also, ad revenue from Meta’s family of apps increased 4% in Q1 2023 to $28.10 billion from $26.9 billion in the same quarter in 2022.
DAUs were 2.04 billion on average for March 2023, an increase of 4% year-over-year. Facebook monthly active users (MAUs) – MAUs were 2.99 billion as of March 31, 2023, an increase of 2% year-over-year. Ad impressions and price per ad – In the first quarter of 2023, ad impressions delivered across our Family of Apps increased by 26% year-over-year and the average price per ad decreased by 17% year-over-year.
Meanwhile, Meta’s projections for the second quarter peg the revenue to be in the range of $29.5 billion to $32 billion. “Our guidance assumes foreign currency headwinds will be less than 1% to year-over-year total revenue growth in the second quarter, based on current exchange rate,” said the company.
In 2022, Meta initiated several measures to increase efficiency and realign its business. Three rounds of layoffs were planning in March 2023, reducing company size by approximately 10,000 employees.
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