{"id":29090,"date":"2023-04-30T14:00:54","date_gmt":"2023-04-30T14:00:54","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/facebook-owner-metas-profits-exceed-expectations"},"modified":"2023-04-30T14:13:21","modified_gmt":"2023-04-30T14:13:21","slug":"facebook-owner-metas-profits-exceed-expectations","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/facebook-owner-metas-profits-exceed-expectations","title":{"rendered":"Facebook owner Meta\u2019s profits exceed expectations"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Meta, Facebook and Instagram\u2019s parent firm, has reported a profit of $5.7bn (\u00a34.6bn) for the first quarter of this year, surpassing expectations for a period in which many jobs were cut.<\/p>\n

It said artificial intelligence (AI) was \u201cdriving good results\u201d across its business. Total revenue was $28.6bn, while the number of people on Facebook every month rose to just under three billion.<\/p>\n

\u201cOur community continues to grow,\u201d said chief executive Mark Zuckerberg.<\/p>\n

\u201cWe\u2019re also becoming more efficient so we can build better products faster, and put ourselves in a stronger position to deliver our long-term vision,\u201d he said.<\/p>\n

\u2018No longer behind in building AI\u2019 Meta sees \u201can opportunity to introduce AI agents to billions of people in ways that will be useful and meaningful,\u201d Mr Zuckerberg told investors.<\/p>\n

While offering few details, he said that Meta was \u201cexploring chat experiences in WhatsApp and Messenger, visual creation tools for posts in Facebook and Instagram and ads, and over time video and multimodal experiences as well.
\nThe company intends to commercialise its privately-run generative AI, joining Google in finding practical applications for the tech \u2013 because the industry is awash with hype around its capabilities.<\/p>\n

Meta established Facebook\u2019s AI Research laboratory in 2013, but has not made big inroads in this area yet, as some other big tech firms \u2013 such as Microsoft \u2013 have done.<\/p>\n

But Mr Zuckerberg insisted Meta was \u201cno longer behind in building our AI infrastructure\u201d and said generative AI Meta products, which can instantly create sentences and graphics, would be released in the coming months.<\/p>\n

He added the move would not be at the cost of the metaverse, Meta\u2019s virtual reality project. Meta\u2019s Reality Labs division reported a net loss of $4bn last quarter, and the company said it expected \u201coperating losses to increase year over year in 2023\u201d.<\/p>\n

However, Mr Zuckerberg said the \u201cnarrative that has developed that Meta is moving away from the metaverse\u201d was \u201cnot accurate\u201d, adding it still planned to reveal the next Quest VR headset later this year.<\/p>\n

Cost-cutting pays off The positive financial figures coincide with a period where Meta has slashed jobs and projects. The aim was to turn 2023 into \u201ca year of efficiency,\u201d said Mr Zuckerberg.<\/p>\n

Meta has been the most aggressive US big tech firm when it comes to downsizing, shedding almost a quarter of its global workforce, more than 20,000 jobs, in just a few months.<\/p>\n

\u201cThe year of efficiency is off to a stronger than expected start for Meta,\u201d said Insider Intelligence principal analyst, Debra Aho Williamson.<\/p>\n

\u201cIn this economic environment \u2013 and after the disaster that was 2022 \u2013 3% year over year revenue growth is an accomplishment,\u201d she added.<\/p>\n

Mr Zuckerberg has called 2022 \u201ca humbling wake-up call\u201d and said it would be wise to \u201cprepare ourselves for the possibility that this new economic reality will continue for many years\u201d.<\/p>\n

Ben Barringer, from investment management firm Quilter Cheviot, said: \u201cYou have to take your hat off to Mark Zuckerberg and Meta given the transformation of the business over the last six months.<\/p>\n

\u201cThe \u2018year of efficiency\u2019 Zuckerberg likes to talk about is bearing fruit. These results are a strong beat on the expectations and, given the improving macro backdrop, Meta should continue to recover well.\u201d<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Meta, Facebook and Instagram\u2019s parent firm, has reported a profit of $5.7bn (\u00a34.6bn) for the first quarter of this year, surpassing expectations for a period in which many jobs were cut. It said artificial intelligence (AI) was \u201cdriving good results\u201d across its business. Total revenue was $28.6bn, while the number of people […]<\/p>\n","protected":false},"author":84,"featured_media":29089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,245,1838,241],"class_list":["post-29090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-mauritius","tag-instagram","tag-mauritius"],"yoast_head":"\nFacebook owner Meta\u2019s profits exceed expectations - Mauritius<\/title>\n<meta name=\"description\" content=\"Meta, Facebook and Instagram\u2019s parent firm, has reported a profit of $5.7bn (\u00a34.6bn) for the first quarter of this year, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/facebook-owner-metas-profits-exceed-expectations\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Facebook owner Meta\u2019s profits exceed expectations\" \/>\n<meta property=\"og:description\" content=\"Meta, Facebook and Instagram\u2019s parent firm, has reported a profit of $5.7bn (\u00a34.6bn) for the first quarter of this year, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/facebook-owner-metas-profits-exceed-expectations\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-30T14:00:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-30T14:13:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/04\/postQueueImg_1682847127.91.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"976\" \/>\n\t<meta property=\"og:image:height\" content=\"549\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/facebook-owner-metas-profits-exceed-expectations#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/facebook-owner-metas-profits-exceed-expectations\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Facebook owner Meta\u2019s profits exceed expectations\",\"datePublished\":\"2023-04-30T14:00:54+00:00\",\"dateModified\":\"2023-04-30T14:13:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/facebook-owner-metas-profits-exceed-expectations\"},\"wordCount\":554,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/facebook-owner-metas-profits-exceed-expectations#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/04\/postQueueImg_1682847127.91.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Instagram\",\"Mauritius\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/facebook-owner-metas-profits-exceed-expectations#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/facebook-owner-metas-profits-exceed-expectations\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/facebook-owner-metas-profits-exceed-expectations\",\"name\":\"Facebook owner Meta\u2019s profits exceed expectations - 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