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Sunday, May 26, 2024

Meta (Facebook) rakes in $7.47 billion in the first quarter

After losing users and creating panic among investors, Meta (formerly Facebook Group) managed to earn $7.47 billion in net profit in the first 3 months of fiscal 2022.

Without losing users again, Meta increased its revenue compared to its forecast. Earnings are down 21% year on year, but the market expected worse for the parent company of Facebook and Instagram, in a difficult economic environment.

The Californian group published Wednesday a turnover approaching 28 billion dollars (+7%). Its title jumped 14% during electronic trading after the closing of the New York Stock Exchange.

Investors have been eagerly awaiting these figures, especially since the announcement in February which shocked them when the social network admitted to having lost, for the first time, around one million active daily users in three months.

At the end of March, Facebook had 1.96 billion daily users, up from 1.93 at the end of December 2021, according to the company’s earnings release.

And some 3.64 billion people around the world use at least one of the group’s platforms (Facebook, Instagram, Messenger, WhatsApp) every month.

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