Meta, the parent of Facebook, Instagram and Threads, posted better than expected revenue for the June quarter, up 11% to $US31.999 billion as the company continues to lay off staff.
Profit was up 16% to $7.78 billion and the social media player is optimistic.
Meta expects September quarter total revenue to be in the range of $32 billion-$34.5 billion.
Ad impressions delivered across its family of apps in the June quarter increased by 34% compared to the same three months last year.
However, the average price per ad fell 16%.
Staff numbers fell 14% to 71,469 and more cuts are on the way. About half of the employees impacted by layoffs are still included in this headcount. Meta spent $780 million on restructuring.
Meta, which like other global media platforms over-hired during the heady days of a consumer switch to online during the pandemic, late last year started a wave of layoffs.
"We had a good quarter,” says CEO and founder Mark Zuckerberg.
“We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall.
Meta expects full year capital expenditures to be in the range of $27 billion-$30 billion, lower than previous estimates.
However, in 2024 Meta sees capital expenditures growing, driven by investments across both data centres and servers, particularly in support of AI.
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