Meta doubled its profits
The revenue of Meta, which owns Facebook, Instagram and WhatsApp, reached 36.5 billion dollars in the first quarter of this year, an increase of 27 percent compared to the same period last year. The company’s profit doubled compared to the same period last year, reaching 12.4 billion dollars.
Meta announced its balance sheet for the January-March period.
Accordingly, the company’s revenue in the first quarter of this year increased by 27 percent compared to the same period last year, reaching 36.5 billion dollars. The median estimate of economists surveyed by Bloomberg was $36.1 billion. Meta earned $28.6 billion in revenue in the first quarter of 2023.
Meta’s net profit increased by 117 percent to 12.4 billion dollars in the first quarter of this year. The company announced a profit of $5.7 billion in the first quarter of 2023.
The company’s profit per share, which was $ 2.20 in the first quarter of 2023, increased to $ 4.71 in the same period this year.
As of the end of March, Meta’s number of employees decreased by 10 percent compared to last year, decreasing to 69 thousand 329.
The company reported that it expects revenue between 36.5 and 39 billion dollars in the second quarter of the year.
Meta CEO Mark Zuckerberg, whose views were included in the statement, stated that they had a good start to the year.
Stating that the new version of Meta AI is another step towards creating the world’s leading artificial intelligence, Zuckerberg noted that the company has seen healthy growth in its applications.