Meta, the American tech that owns Facebook, Instagram and WhatsApp, announced on Wednesday that it earned $5 billion 709 million in the first quarter of 2023, 24% less than the previous year.
Turnover of the company led by Mark Zuckerberg 28,645 million between January and March3% more than in the same period of the previous year, but costs increased 10%, partly due to the restructuring process, according to a statement.
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Cited in the note, Zuckerberg stressed that Meta’s work in artificial intelligence (AI) has yielded “good results” in the company’s applications and business, which has become “more efficient”, faster and more powerful in the long run. Restructuring consists of several stages. Layoffs that will affect 21,000 employeesAlongside the consolidation of their facilities and the “evaluation” of their data centers, they all contributed some. Fees of $1,144 million this quarter.
Like other big tech companies, Meta has been affected by the high interest rate environment and the weakness of the internet advertising market, which is one of its main revenue sources, in recent months. It didn’t help either that the Metaverse commitment, its division called Reality Labs, continued to show operating losses that increased by approximately this quarter. 4,000 million, 35% more than the same period in 2022thus reducing the profit margin.
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Meta offered good forecasts for the second quarter, with higher revenues than for the period reported today, but projected large expenditures for the year, including: 3,000 and 5,000 million for restructuring costs. In addition, capital expenditures, which include investments in artificial intelligence and some application services to “strengthen advertising”, 30,000 and 33,000 million.
Results announced after the close of Wall Street came in better than analysts had expected, with shares of the listed company rising nearly 12% in electronic operations after an initial positive response from investors. Since the beginning of the year and above all, due to the positive reception of the savings plans it has implemented, Meta is a 74% in the stock market.
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Source: Exame
