Meta Q2 Revenue Up 11% to $32 Billion in Earnings Beat
variety.comTodd Spangler NY Digital Editor Meta turned in a healthy 11% uptick in revenue for the second quarter of 2023, topping Wall Street expectations and signaling the social giant’s ad business is recovering after last year’s doldrums.
The parent company of Facebook and Instagram posted revenue of $32.0 billion and net profit of $7.79 billion ($2.98 per share), up 16%.
On average, analysts expected revenue of $31.12 billion and earnings per share of $2.91, according to Refinitiv data. “We had a good quarter.
We continue to see strong engagement across our apps and we have the most exciting roadmap I’ve seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall,” Meta CEO Mark Zuckerberg said in announcing the results.
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