turned in a healthy 11% uptick in revenue for the second quarter of 2023, topping Wall Street expectations and signaling the social giant’s ad business is recovering after last year’s doldrums.and Instagram posted revenue of $32.0 billion and net profit of $7.79 billion , up 16%. On average, analysts expected revenue of $31.12 billion and earnings per share of $2.91, according to Refinitiv data.
Meta’s Q3 revenue guidance also was higher than Wall Street forecasts. The company expects third quarter 2023 revenue to be $32 billion-$34.5 billion . Like other tech companies, Meta has taken cost-cutting steps including laying off 11,000 workers last fall and. Meta’s headcount was 71,469 as of June 30, down 14% year-over-year. About half of the employees affected by the 2023 layoffs are included in the reported headcount as of June 30.
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