Meta doubles its profits

Meta, the owner of Facebook, Instagram, and WhatsApp, reported revenue of $36.5 billion in the first quarter of this year, up 27 percent from the same period last year. The company’s profit also doubled from the same period last year, reaching $12.4 billion. Meta announced its balance sheet for the January-March period. Accordingly, the company’s revenue in the first quarter of this year increased by 27 percent compared to the same period last year, reaching $36.5 billion. The median estimate of economists surveyed by Bloomberg was $36.1 billion. Meta had revenue of $28.6 billion in the first quarter of 2023. Meta’s net income also increased by 117 percent to $12.4 billion in the first quarter of this year. The company had reported a profit of $5.7 billion in the first quarter of 2023. The company’s earnings per share, which was $2.20 in the first quarter of 2023, rose to $4.71 in the same period this year. Meta's employee count decreased by 10 percent compared to the previous year, falling to 69,329 as of the end of March. The company reported that it expects revenue between $36.5 billion and $39 billion in the second quarter of the year. Meta CEO Mark Zuckerberg, whose views were included in the statement, stated that they had a good start to the year. Stating that the new version of Meta AI is another step towards creating the world's leading artificial intelligence, Zuckerberg noted that they are seeing healthy growth in the company's applications.