- Aug 17, 2017
The company’s revenue for its second fiscal quarter of 2023 was just shy of $32bn, an increase of 11pc compared to the same period last year. This is the second quarter in a row that saw a revenue increase for Meta, reversing the downward spiral Meta found itself in last year.
Meanwhile, the company’s family of apps – which includes Facebook, Instagram, WhatsApp and now Threads – saw an increase in users. The company’s combined apps had 3.88bn monthly active users in the latest quarter, an increase of 6pc.
Facebook managed to hit a new milestone in this quarter, surpassing 3bn monthly active users for the first time.
Speaking about the results, Zuckerberg said Meta has seen strong engagement and has “the most exciting roadmap I’ve seen in a while”. Like many big tech companies, Meta has joined the AI rush of 2023 with its recent release of Llama 2 and MusicGen.
Meta reported second-quarter earnings on Wednesday and said that its Reality Labs unit, which develops virtual reality and augmented reality technologies needed to power the metaverse, logged a $3.7 billion operating loss.
The unit recorded $276 million in second-quarter sales, down from the $339 million in revenue it brought during the first quarter. Analysts polled by StreetAccount were projecting Reality Labs to record $421 million in sales and $3.5 billion in operating losses.
Meta continues to lose money building the metaverse as Reality Labs records a second-quarter operating loss of $3.7 billion.