, Instagram and WhatsApp, posted total revenue of $28.65 billion. While that was up only 3% from the year-ago quarter, it was about $1 billion better than Wall Street analysts’ consensus forecast. Earnings per share slid 19% to $2.20 but still handily cleared the Street’s $2.01 bar.
Facebook ended the quarter with 2.04 billion daily users, up 4% from a year ago. Advertising across the full portfolio reached $28.1 billion, better than expectations, despite gyrations affecting all ad sellers in the marketplace. The average price per ad fell 17%, Meta said, while impressions rose 26% year-over-year.
Responding to the historic slowdown hitting the tech sector amid a worsening economy, Meta said last month it was cutting another 10,000 jobs, on top of a round of layoffs in 2022. As of the March 31 end of the quarter, total head count stood at 77,114, but that number included the just-announced 10,000 who are targeted to depart.said in the earnings release that artificial intelligence is “is driving good results across our apps and business.
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Source: CNBC - 🏆 12. / 72 Read more »