In Q2 2023, Meta claims an 11% increase in revenue
According to meta reports, Facebook’s financial results for the second quarter (Q2) of this year, which ended on June 30, showed that revenue was $32 billion, up 11% year over year, and monthly active users were 3.03 billion, up 3% year over year.
We had a successful quarter. Mark Zuckerberg, the founder and CEO of Meta, stated in the report on Wednesday, “We continue to see high engagement across our applications, and we have the most exciting roadmap I’ve seen in a while with Llama 2, Threads, Reels, new AI products in the works, and the launch of Quest 3 this autumn.
Additionally, according to the business, Facebook had an average of 2.06 billion daily active users in June, up 5% from the same month last year.
What are revealed by the Meta Reports?
“Long-term debt was $18.38 billion as of June 30, 2023,” it said.
As of June 30, there were 71,469 people employed, a 14% reduction from the previous year. The stated headcount includes around half of the workers who would be affected by the 2023 layoffs.
“We started a number of initiatives in 2022 to achieve more efficiency and refocus our corporate and strategic goals. We have mostly finished the targeted staff layoffs as of June 30 and are still evaluating facility consolidation and data center restructuring plans, the business said.
According to Meta, the third quarter’s (Q3) 2023 total sales will be in the $32-$34.5 billion range.
Additionally, it projects that overall spending for the whole 2023 fiscal year would be higher than previously estimated, at $88–$91 billion. This forecast accounts for $4 billion in restructuring expenses, including expenditures for consolidating facilities, severance pay, and other staff costs.
In addition, Meta said that it anticipates infrastructure-related expenses to rise in 2019.
Due to continuous work on augmented reality and virtual reality products as well as expenditures to expand our ecosystem, Reality Labs expects operational losses to rise noticeably year over year.
