During the reported quarter, Meta registered total revenue of $28.64bn, which is 3% higher compared to $27.9bn in Q1 2022
Meta said that Facebook DAUs were 2.04 billion on average for March 2023. (Credit: Firmbee from Pixabay)
Meta Platforms has reported a net income of $5.7bn for the first quarter of 2023 (Q1 2023), a decrease of 24%, compared to $7.46bn in the same quarter of the previous year.
In the preceding quarter, that is Q4 2022, the social technology company posted a net income of $4.65bn.
The Facebook owner’s diluted earnings per share (EPS) in Q1 2023 ended 31 March 2023 were $2.2, which is a 19% decrease compared to $2.72 in the corresponding quarter of the previous year.
During the reported quarter, Meta registered total revenue of $28.64bn, which is 3% more compared to $27.9bn in Q1 2022. In Q4 2022, the technology major’s total revenue was $32.16bn.
Meta expects to earn total revenue in the range of $29.5bn and $32bn in Q2 2023.
The family of apps (FoA) unit, which includes Facebook, Instagram, Messenger, WhatsApp, and other services, posted revenue of $28.3bn in Q1 2023, compared to revenue of $27.21bn in the corresponding quarter of the previous year.
Advertising revenue from the various apps in Q1 2023 was $28.1bn, compared to $27bn in the same period of the previous year.
Meta’s reality labs business had revenue of $339m in the reported three months, compared to $695m in Q1 2022. This unit includes the company’s augmented and virtual reality (AR and VR) related consumer hardware, software, and content.
The parent company of Facebook said that the daily active users (DAUs) for Facebook were 2.04 billion on average for March 2023, which is a 4% increase year-over-year.
Meta founder and CEO Mark Zuckerberg said: “We had a good quarter and our community continues to grow.
“Our AI work is driving good results across our apps and business. We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long term vision.”
Last month, Meta announced plans to execute a second round of layoffs by cutting down its workforce by nearly 10,000.