A tablet displaying the logo of Meta. The tech giant’s CEO and founder has called 2023 the ‘year of efficiency’. – AFPpicFacebook-parent Meta on Wednesday reported it made a profit of US$5.7 billion in the first quarter of this year, beating forecasts after a massive wave of cost-cutting and layoffs.
“We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long term vision.” Meta said the number of ads shown across its “family of apps” that includes Instagram increased 26% from the same period a year earlier, but the average price per ad slipped.
“The year of efficiency is off to a stronger than expected start for Meta,” said Insider Intelligence principal analyst Debra Aho Williamson. Zuckerberg has referred to last year as “a humbling wake-up call” and said it would be wise to “prepare ourselves for the possibility that this new economic reality will continue for many years.”