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Meta's FB reports 3.03B MAUS, strong ad rev in Q2 2023
The Business Guardian
|July 28, 2023
Meta, the parent company of Facebook, reported better-than-expected quarterly earnings driven by a rebounding digital ad business.
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The company posted a profit of $7.8 billion on $32 billion in revenue for the recently ended quarter, with the number of monthly Facebook users reaching 3.03 billion.
Despite a challenging 2022 due to economic uncertainties and Apple’s data privacy changes impacting ad targeting, Meta’s fortunes have turned around in 2023. Mark Zuckerberg, Meta’s CEO, called it the “year of efficiency” and with two consecutive quarters of positive revenue growth and the first quarter of double-digit revenue growth since late 2021, the company’s performance is strong.
Analysts attribute Meta’s success to greater advertiser interest in Reels, the TikTok-inspired video format, and a more positive economic environment encouraging marketing spending. The company reported a 34% year-on-year increase in ads on its various applications during the second quarter.
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