Meta Platforms Incmatrix of Facebook, instagram and WhatsAppposted $5.7 billion in net profit in the first quarter, 24% less than in the same period last year but above market expectations, after massive staff cuts.
In a statement published on Wednesday, the Californian group reported a slightly higher turnover in this first quarter of the year compared to the same period in 2022, of 28.650 million dollars, after three consecutive quarters of decline, compared to an estimate average of 27,660 million dollars.
Meta Platforms’ net income for the first three months of the year fell to $2.20 a share from $2.72 a year earlier, but beat expectations of $2.03.
In his report, Goal He said he expects second-quarter revenue to be above market expectations as digital advertisers turn to tried-and-true platforms like Facebook and instagram amid growing economic concerns.
Shares of the technology company rose 9% on Wednesday after the close of the session, as its profits also beat Wall Street estimates.
The strong results come at a time when tech rivals from Goal they seem to be coming out of a rut that has led to more than 150,000 layoffs across the industry.
Google’s parent company Alphabet Inc reported strong results on Tuesday as its digital ad sales held up better than expected and demand for cloud services increased.
Microsoft also beat Wall Street estimates and claimed that artificial intelligence products were spurring sales.
Meta has launched an aggressive cost-cutting campaign, with plans to cut 21,000 jobs and flatten its middle-management structure, as it strives to meet the goal of its CEO, mark zuckerbergto make 2023 the “year of efficiency”.
“Our AI work is paying off across all of our applications and businesses. 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,” Zuckerberg said.
The company lowered its forecast for annual spending to between $86 billion and $90 billion, from the previously estimated $86 billion to $92 billion.
Goal It said its quarterly price per ad was down 17% from a year earlier, while it expects revenue for the current quarter of $29.5 billion to $32 billion, versus analyst estimates of $29.53 billion, according to Refinitiv data. .
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