Meta, the social media company founded by Mark Zuckerberg, disclosed that Facebook’s daily average users (DAUs) experienced a five percent year-on-year increase, reaching 2.06 billion in June 2023.
As a result of this user growth, Meta reported an impressive $32 billion in revenue for the second quarter, reflecting an 11 percent increase compared to the previous year.
In the earnings report for Q2 2023, Meta unveiled that the entire family of apps under its ownership, including WhatsApp, Instagram, Messenger, and the more recent addition, Threads, amassed a total of 3.07 billion daily average users in June. This figure marked a significant seven percent growth year on year.
The data indicates that among all the apps in the Meta portfolio, Facebook remains the most widely used. With its 2.06 billion DAUs, Facebook alone accounted for 67 percent of the daily users across all Meta platforms.
According to the report, Meta experienced a notable rise in ad impressions throughout its range of applications during the examined quarter: “In the second quarter of 2023, ad impressions delivered across our Family of Apps increased by 34 percent year-over-year, and the average price per ad decreased by 16 percent year-over-year,” Meta stated.
Meta’s CFO, Susan Li, said the company expects Q3 2023 total revenue to be in the range of $32-34.5 billion, adding, “Our guidance assumes a foreign currency tailwind of approximately three percent to year-over-year total revenue growth in the third quarter, based on current exchange rates. We anticipate our full-year 2023 total expenses will be in the range of $88-91 billion, increased from our prior range of $86-90 billion due to legal-related expenses recorded in the second quarter of 2023.
“This outlook includes approximately $4 billion of restructuring costs related to facilities consolidation charges and severance and other personnel costs.
“We expect Reality Labs operating losses to increase year-over-year in 2023. While we are not providing a quantitative outlook beyond 2023 at this point, we expect a few factors to be drivers of total expense growth in 2024 as we continue to invest in our most compelling opportunities, including artificial intelligence (AI) and the metaverse,” Susan Li.
Meta said, it also expects its full-year 2023 capital expenditures to be in the range of $27-30 billion, lowered from its prior estimate of $30-33 billion. “The company said the reduced forecast was due to both cost savings, particularly on non-AI servers, as well as shifts in capital expenditures into 2024 from delays in projects and equipment deliveries rather than a reduction in overall investment plans,” Meta averred.
