Meta quarterly profit more than doubles

Meta quarterly profit more than doubles

Meta says layoffs and other cost-cutting measures it began implementing in 2022 paid off in reduced expenses in the recently ended quarter
Meta says layoffs and other cost-cutting measures it began implementing in 2022 paid off in reduced expenses in the recently ended quarter. Photo: Robyn BECK / AFP/File
Source: AFP

Meta on Wednesday reported that its quarterly profit more than doubled from last year's figure to $11.6 billion as ad revenue climbed.

The tech firm behind Facebook, Instagram and WhatsApp said revenue also grew 23 percent to $34 billion when compared to the same period a year earlier.

"We had a good quarter for our community and business," Meta chief executive Mark Zuckerberg said in an earnings release.

The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users of Meta's "family" of apps was 3.96 billion in a 7 percent increase from the same quarter in 2022, the company reported.

Meanwhile, Meta said it trimmed costs in the recently ended quarter, with layoffs and other belt-tightening measures started last year providing "greater efficiency."

Meta shares, which closed the formal trading day down, rose more than 2 percent in after-hours trades to $306.69.

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Dozens of US states this week accused Meta of profiting "from children's pain," damaging their mental health and misleading people about the safety of its platforms.

"In seeking to maximize its financial gains, Meta has repeatedly misled the public about the substantial dangers of its Social Media Platforms," argued a joint lawsuit filed in federal court in California.

In total more than 40 states are suing Meta, though some opted to file in local courts rather than join in the federal case.

Meta has exploited young users by creating a business model designed to maximize time they spend on the platform despite harm to their health, the legal filing argued.

Meta said it was "disappointed" by the suit and that the states were not working with the array of social media companies to create age-appropriate standards.

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Meanwhile, the European Union last week began seeking more details on the measures Meta and TikTok have taken to stop the spread of "illegal content and disinformation" in light of the conflict between Israel and Hamas.

Meta insisted it was addressing the issues raised.

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Source: AFP

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