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Meta posts strong results despite heavy losses from Metaverse division

Qualcomm Meta partnership

Meta today reported financial results for the quarter ended March 31, 2023. The results were impressive given the economic slowdown that prevails across the globe. Revenue was $28.65 billion, an increase of 3% year-over-year. Net income was $5.7 billion, a decrease of 24% YoY. Meta’s Reality Labs unit revenue was down 51% YoY from $695M to $339M and operating loss up 35% YoY from $2.96B to $3.99B.

Find the highlights of Meta’s results below:

  • Family daily active people (DAP) – DAP was 3.02 billion on average for March 2023, an increase of 5% year-over-year.
  • Family monthly active people (MAP) – MAP was 3.81 billion as of March 31, 2023, an increase of 5% year-over-year.
  • Facebook daily active users (DAUs) – DAUs were 2.04 billion on average for March 2023, an increase of 4% year-over-year.
  • Facebook monthly active users (MAUs) – MAUs were 2.99 billion as of March 31, 2023, an increase of 2% year-over-year.
  • Ad impressions and price per ad – In the first quarter of 2023, ad impressions delivered across our Family of Apps increased by 26% year-over-year and the average price per ad decreased by 17% year-over-year.
  • Revenue – Revenue was $28.65 billion, an increase of 3% year-over-year, and an increase of 6% year-over-year on a constant currency basis.
  • Costs and expenses – Total costs and expenses were $21.42 billion, an increase of 10% year-over-year. This includes charges related to our restructuring efforts of $1.14 billion in the first quarter of 2023.
  • Capital expenditures – Capital expenditures, including principal payments on finance leases, were $7.09 billion for the first quarter of 2023.
  • Share repurchases – We repurchased $9.22 billion of our Class A common stock in the first quarter of 2023. As of March 31, 2023, we had $41.73 billion available and authorized for repurchases.
  • Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $37.44 billion as of March 31, 2023.
  • Long-term debt – Long-term debt was $9.92 billion as of March 31, 2023.
  • Headcount – Headcount was 77,114 as of March 31, 2023, a decrease of 1% year-over-year. Substantially all employees impacted by the layoff announced in November 2022 are no longer reflected in our reported headcount as of March 31, 2023. Further, the employees that would be impacted by the 2023 layoffs are included in our reported headcount as of March 31, 2023.

“We had a good quarter and our community continues to grow,” said Mark Zuckerberg, Meta founder and CEO. “Our AI work is driving good results across our apps and business. 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.”

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