Mark Zuckerberg hails "good quarter" for Meta, revenues up 11%

Meta has released its second-quarter earnings report today revealing an 11% increase in revenue for the period year-over-year. Mark Zuckerberg, Meta’s CEO, called it "a good quarter" with "strong engagement" across its range of apps.

Zuckerberg continued on to say that the product roadmap is the most exciting he has seen in a while with the launch of Llama 2, Threads, Reels, new AI products coming down the pipeline, and the launch of Quest 3 in the autumn.

The revenue during the second quarter came in at $32 billion compared to the $28.8 billion the company reported for the same period the year before. That’s an increase of 11%.

Going past revenues, another interesting tidbit from the report was that daily active people across its family of services was 3.07 billion for June 2023, a 7% rise year-over-year. Its monthly active people across the same services was 3.88 billion as of 30 June, an increase of 6% year-over-year.

Facebook specifically saw its daily active users rise 5% year-over-year to 2.06 billion and its monthly active users rise by 3% to 3.03 billion. The fact that the company is still managing to grow its users means it should be able to keep increasing revenues, which investors should like.

In terms of future outlook, Meta said that it expects to see revenues in the third quarter be in the range of $32-34.5 billion. In terms of expenses, it expects them to be in the range of $88-91 billion for the full year, up due to legal-related expenses recorded during the second quarter.

The company also said that it would continue monitoring the regulatory landscape. It said it continues to see increasing ‘legal and regulatory headwinds in the EU and the US that could significantly impact’ its business and financial results.

Meta released its report after trading hours. At the close, it was at $298.57 but in after-hours trading, it almost managed to reach $319 on the back of this report.

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