Meta says layoffs and other cost-cutting measures it began implementing in 2022 paid off in reduced expenses in the recently ended quarter. Photo: Robyn BECK / AFP/FileMeta on Wednesday reported that its quarterly profit more than doubled from last year's figure as it looks ahead at a volatile ad market and lawsuits accusing it of profiting from"children's pain."
Meta had suffered a rough 2022 amid a souring economic climate and Apple's data privacy changes, which allowed users to block ad targeting, the pillar of Meta's business. "It's hard for us to attribute demand softness directly to any specific geopolitical event," Li said.Analyst Enderle maintained that Meta is at risk from lawsuits poised to damage its image and its wallet.
In total more than 40 states are suing Meta, though some opted to file in local courts rather than join in the federal case.