Meta, has reported its Q1 earnings for 2023, revealing strong revenue growth and beating analysts’ expectations. The social media giant’s revenue for the quarter was $43.8 billion, up 32% from the same period last year.
The company’s advertising revenue was the primary driver of growth, accounting for $42.3 billion of the total revenue, a 33% increase year-over-year. Mobile advertising revenue represented approximately 94% of the total advertising revenue.
Meta’s monthly active users (MAUs) also showed an increase, with the company reporting 3.33 billion MAUs as of the end of March 2023. This is up 8% from the same period last year, and includes users across Facebook, Instagram, WhatsApp, and Messenger.
In addition, the company announced plans to invest heavily in the metaverse, a virtual reality space that allows users to interact with one another in a virtual world. CEO Mark Zuckerberg stated that the metaverse will be the “next generation of the internet,” and that Meta will be investing billions of dollars to make it a reality.
Overall, Meta’s Q1 earnings report shows strong growth in advertising revenue and user engagement, with a significant focus on the development of the metaverse as a key priority for the company’s future.