New York, Apr 26 (EFE).- The American technology company Meta, owner of Facebook, Instagram and WhatsApp, announced this Wednesday that it earned 5,709 million dollars (5,172 million euros) in the first quarter of 2023, 24% less year-on-year .
The company led by Mark Zuckerberg had a turnover of 28,645 million between January and March, 3% more than in the same period of the previous year, but its costs increased by 10% due, in part, to its restructuring process, according to a release.
Zuckerberg, quoted in the note, stressed that Meta’s work in the field of artificial intelligence (AI) is driving “good results” in the company’s applications and businesses, which is becoming “more efficient”, fast and strong in the long run.
The restructuring has consisted of several rounds of layoffs that will affect 21,000 of its employees, as well as the consolidation of its facilities and the “evaluation” of its data centers, all of which have contributed to charges of 1,144 million dollars in this quarter.
Like other large technology companies, Meta has been affected in recent months by the environment of high interest rates and the weakness of the internet advertising market, which is one of its main sources of income.
Nor has it helped that its commitment to the metaverse, its division called Reality Labs, continues to post operating losses, which increased this quarter to around 4,000 million, 35% more than in the same period in 2022, thus reducing the profit margin.
Meta offered good forecasts for the second quarter, with revenues higher than the period reported today, but anticipated large expenses for the year, including between $3bn and $5bn for restructuring costs.
It also estimated that its capital expenditures, which include investments in artificial intelligence to “strengthen advertising” and some of its app services, will be between $30 billion and $33 billion.
The results, published after the Wall Street close, were better than expected by analysts and the shares of the listed company shot up almost 12% in electronic operations in a first positive reaction from investors.
Since the beginning of the year, and above all due to the good reception of the savings plans that it is applying, Meta has appreciated 74% on the stock market.
