Meta's revenue increased in the first quarter of the year

Meta, the owner of Facebook, Instagram, and WhatsApp, exceeded market expectations with its revenue of $28.7 billion in the first quarter of this year. Meta announced its balance sheet for the January-March period. Accordingly, the company's revenue in the first quarter of this year increased by 3 percent compared to the same period last year, reaching $28.7 billion. Meta had revenue of $27.9 billion in the first quarter of 2022. The company increased its revenue after three consecutive quarters of decline during this period. The company's revenue during this period exceeded market expectations of $27.7 billion. Profit decreased by 24 percent in the first quarter Meta's net profit decreased by 24 percent to $5.7 billion in the first quarter of this year. The company had announced a profit of $7.5 billion in the first quarter of 2022. The company's earnings per share, which was $2.72 in the first quarter of 2022, also decreased to $2.20 in the same period this year. Meta’s Reality Labs unit, which is responsible for the development of metaverse technologies, also lost $3.99 billion in the first quarter of this year, following a $13.7 billion loss in 2022. An increase in Facebook’s number of users The number of daily and monthly active users of Facebook under the Meta umbrella continued to increase during this period. Facebook’s daily active users increased by 4 percent annually as of March, reaching 2.04 billion. The social networking site’s monthly active users also increased by 2 percent during the same period, reaching 2.99 billion. Meta CEO Mark Zuckerberg, whose views were included in the statement, stated that artificial intelligence studies were yielding good results in the company’s applications and business. Pointing out that they had become more efficient, Zuckerberg stated that they could thus produce better products faster and be in a stronger position to develop their long-term vision.