Meta earnings crush expectations in Q1 2023
Meta has released its 2023 Q1 results and crushed expectations as the total revenue came in at $28.6 billion, up %3 year-on-year.
Zuckerberg's Meta has officialized its impressive performance in the January-March period. The company has reached $28.6 billion in revenue, better than last year's $27.9 billion revenue in the same period. It crushed all expectations, as the finance industry leaders like Wall Street estimated lower numbers.
While Meta's revenue increased by 3%, its profit for the quarter decreased 24% from the same time last year, going down from $7.4 billion to $5.7 billion. The company also revealed that the Facebook app broke a record with 2 billion daily users. You can find the whole report here.
Meta wants to push AI tools
Mark Zuckerberg told investors that the company wants to introduce AI agents to billions of people, pushing the usage of certain tools. Meta owns some of the most known social media and communication platforms like Facebook, Instagram, and WhatsApp. In total, billions of people use these platforms daily, and Meta sees "an opportunity to introduce AI agents to billions of people in ways that will be useful and meaningful."
Zuckerberg didn't give detailed information about the AI agents but outlined some of its aspects. "We're exploring chat experiences in WhatsApp and Messenger, visual creation tools for posts in Facebook and Instagram and ads, and over time video and multi-modal experiences as well," he said.
He thinks that these tools will be beneficial both for business users as well as regular users. He also added that he "expects that a lot of interest in AI agents for business messaging and customer support will come once we nail that experience. Over time, this will extend to our work on the metaverse, too, where people will much more easily be able to create avatars, objects, worlds, and code to tie all of them together."
Zuckerberg stated Meta's interest in the metaverse countless times, and he once again underlined the importance of artificial intelligence and Meta's work in the field.
Meta recently laid off thousands of its employees due to unforeseeable future. Zuckerberg recently announced this year as the "year of efficiency," and the layoffs started. The corporation reported a global peak of 87,000 employees in 2022, following a recruiting frenzy that accelerated when the Covid epidemic boosted online traffic. In the latest round of layoffs, Meta parted ways with 10,000 employees.
Advertisement
“Meta earnings crush expectations in Q1 2023” ?
Not my expectations of $40 billion in revenue and $10 billion profit.
I am as good in expectations just as any analyst who never managed even a local liquor store.