Meta's revenue increases in second quarter of year
The revenue of Meta, the owner of Facebook, Instagram, and WhatsApp, increased by 11% and reached 32 billion dollars in the second quarter of this year. With this, the company reported a double-digit revenue growth rate for the first time since the last quarter of 2021.
- Tech
- Agencies and A News
- Published Date: 11:13 | 27 July 2023
- Modified Date: 11:41 | 27 July 2023
Meta announced its financial results for the period of April to June. According to the report, the company's revenue in the second quarter of this year increased by 11% compared to the same period last year, reaching 32 billion dollars. This marks the first double-digit revenue growth rate since the last quarter of 2021. Meta's net income also rose by 16% in the second quarter of this year, reaching 7.8 billion dollars. In the same period of 2022, the company had reported a net income of 6.7 billion dollars.
Earnings per share for Meta increased from $2.46 in the second quarter of 2022 to $2.98 in the same period this year.
Facebook, under the umbrella of Meta, continued to see growth in its daily and monthly active user counts during this period. As of June, the daily active user count for Facebook reached 2.06 billion, a 5% year-on-year increase, and the monthly active user count rose by 3% to 3.03 billion.
In the statement, Meta's CEO, Mark Zuckerberg, expressed that they had a good quarter and continued to see strong engagement across their apps. He highlighted their exciting roadmap, which includes Llama 2, Threads, Reels, new artificial intelligence products, and the upcoming launch of Quest 3 in the fall.