Meta reported a profit of US$7.8 billion on US$32 billion in revenue during the recently ended quarter, as the number of people using Facebook monthly rose to 3.03 billion."We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while..."
"With two straight quarters of positive revenue growth and the first quarter of double-digit revenue growth since late 2021, Meta’s year of efficiency is off to a strong start," said Insider Intelligence analyst Debra Aho Williamson.Meta shares were up more than seven per cent to US$320.32 in after-market trades.
Meta is seeing"good progress" in bringing in money from Reels, with the video snippets played more than 200 billion times daily across Facebook and Instagram, Mr Zuckerberg said.Meta's vow of austerity on spending brought an unprecedented round of cost-cutting that has seen the company lay off tens of thousands of workers since last November.
This to date has proved to be a bad bet with customers so far unenthused by the technology, even though Apple will enter the space sometime next year with the release of its expensive VisionPro headset. Earlier this month Meta rushed out the release of Threads, a text-only app that saw more than 100 million downloads in just days, though the users' longterm interest remains unproven.