Meta Surpasses Expectations With $32 Billion in Q2 Revenue
Meta reports $32 billion in second-quarter revenue, beating Wall Street estimates despite a tumultuous year of layoffs. The tech giant also sees strong user growth across its family of apps ahead of the Threads launch.
Meta reports $32 billion in revenue for the second quarter of 2023, beating Wall Street estimates of $30.9 billion by a healthy margin. The tech giant sees an 11% year-over-year increase in sales and earns $7.8 billion in net income, representing a 16% climb from the same period last year. Earnings per share reach $2.98, exceeding analyst expectations of $2.87, while META stock jumps 6% in after-hours trading.
Daily active users across Meta's family of apps climb to an average of 3.07 billion in June, marking a 7% increase compared to the previous year. These impressive usage numbers do not even include the recently launched Twitter rival, Threads, because the app debuts in July after the quarter closes. CEO Mark Zuckerberg praises the strong engagement and highlights an exciting product roadmap that includes Llama 2, Reels, and the upcoming fall launch of Quest 3.
Looking ahead, Meta anticipates third-quarter revenue to land between $32 billion and $34.5 billion. However, the company warns that increasing regulatory and legal challenges in both the U.S. and E.U. could significantly impact its business and earnings going forward. The company also notes that Zuckerberg's Threads profile serves as an official source of material non-public information for investors.