Meta reported revenue of $28.65 billion, up 3 percent year over year.


A meta logo with a bag of gold coins on a white background.

Facebook is now an aging social media platform and most people believe it is dying due to competition from TikTok, Instagram, and Snapchat. Meta’s latest financial results prove that’s not the case at all. Facebook’s daily active users (DAUs) averaged 2.04 billion in March, up 4% from last year. Monthly active users were 2.99 billion as of March 31, 2023, an increase of 2% year-on-year.

One of the things that shareholders like to see is growing earnings figures. Metta has not disappointed. In Q1 2023, it reported a 26% increase in ad impressions but a 17% drop in average cost per ad. It generated revenue of $28.65 billion, representing a year-over-year increase of 3%. With central banks around the world raising interest rates, investors will be happy to see that Facebook is keeping its head above water despite the tough economic conditions.

According to the company, its total headcount as on March 31, 2023 is 77,114. That’s a 1% year-over-year decrease, he said. This figure does not include all employees who were laid off during the November 2022 cutback period. However, the headcount figures still include those affected by layoffs in 2023. In mid-March, Meta announced another 10,000 job cuts so we can effectively say the headcount will drop to around 67,114.

At the market close, Meta’s stock was trading at $209.40 but since the company released its latest earnings, the stock has risen to $233.79. Investors who gambled on Meta, when it fell below $90 per share in November, would have seen their investment increase by more than 160% — too bad for a maturing tech company like Meta. no.


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