Mark Zuckerberg’s group is doing better than expected, with declining sales, but less than expected by financial analysts.
Many have, it seems, buried Facebook a little too quickly, according to the results of the last quarter of its parent company Meta.
Two billion people on Facebook every day
The social network founded in 2004 by Mark Zuckerberg is now used by more than two billion users daily. This is quite simply a record for the platform which had never reached this level in nearly 20 years of existence, but not for the Meta group. WhatsApp instant messaging has already passed this bar a few months ago.
The number of monthly active users using the social network is also on the rise, with 2.96 billion people regularly connecting to the social network.
This increase in the number of users is one of the few good news that Meta has presented for a long time. The platform, despite its advanced age, is still attractive to advertisers, and the group can hope to grow advertising revenue, which now constitutes almost all of its overall revenue.
Meta is reorganizing to be more efficient in 2023
All is not rosy at Meta, however. The group suffered during its last quarter a drop in turnover of 1%, or 32.16 billion dollars. Profits, meanwhile, plummeted, with a 55% drop in profits. Investors and analysts still expected worse, and welcomed this less disastrous performance than expected. Meta shares jumped 20% at the NASDAQ open on Thursday, February 2.
Mark Zuckerberg explained that 2023 would be “ the year of efficiency and will pursue the reorganization of the company by reducing bureaucracy to facilitate decision-making. The group also laid off 13,000 employees at the end of 2022.
Competed by TikTok and shaken by the economic slowdown and the reluctance of advertisers, Meta will also continue its investments. No question of going back to the metaverse, but Mark Zuckerberg, in his comments delivered to shareholders, further highlighted progress in artificial intelligence. The group wants to accelerate on the recommendation engines, integrated into all of its applications, to increase the time of use and the number of advertisements seen.
Source : Engadget
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