Facebook parent company Meta Platforms posted stronger-than-expected results for the second quarter on Wednesday, buoyed by a rebound in online advertising after a post-pandemic slump. | AP
Facebook had 3.03 billion monthly active users as of June 30, up 3 percent year-over-year.
Squeezed by a slump in online advertising and uncertainty around the global economy, Meta has cut more than 20,000 jobs since last November. It had 71,469 employees as of June 30, down 14 percent from a year earlier.Many other tech companies, including Google parent Alphabet and Amazon have also cut thousands of jobs.
“There’s a lot to feel good about when it comes to Meta right now. It has been able to maintain decent growth in monthly and daily active users across both Facebook and its family of apps, and it has seen strong performance from Advantage, its AI-driven suite of ad automation tools,” said Debra Aho Williamson, an analyst with Insider Intelligence.
For the current quarter, Meta is forecasting revenue of $32 billion to $34.5 billion. That’s above the $31.22 billion that analysts are expecting.Meta’s rebound followed a solid earnings report from Alphabet Alphabet a day earlier. Meta’s stock jumped $14.45, or 4.8 percent, to $313.02 in after-hours trading in response to the results.Subscribe to our daily newsletter
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia fines Facebook owner Meta $14 million for undisclosed data collectionFacebook used the now-discontinued Onavo app to collect users' location, time, and frequency using other smartphone apps, and websites they visited for its own advertising purposes, judge Wendy Abraham says in a written judgment.
Read more »
GMA Network records highest video views across AVOD platforms in JuneAs it reinforces its position as a nationwide leader in digital reach, media giant GMA Network bested other local media companies in total video views across all Advertising-based Video on Demand (AVOD) platforms -- Facebook, Tiktok, YouTube, and Twitter -- for the month of June.
Read more »
Singapore orders PM's estranged brother to correct Facebook postLee Hsien Yang is ordered to correct a Facebook post said to have 'untrue statements' violating Singapore's Protection from Online Falsehoods and Manipulation Act.
Read more »