Meta reported an 11 percent revenue increase, which amounts to $32 billion for the quarter ending in June.
The company suffered a brutal revenue decline last 2022, which gave Meta its first-ever quarterly revenue decline since its launch in 2007.
"We had a good quarter. 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," said Mark Zuckerberg, Meta founder and CEO, on a press release.
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Meta's Reality Labs Experiences Setback
Tech Crunch reported that Reality Labs lost $3.7 billion this quarter and $13.7 billion during 2022.
"We expect Reality Labs operating losses to increase year-over-year in 2023," Meta CFO Susan Li wrote.
Meta directed the current and future losses to the ongoing product development efforts for the augmented reality or virtual reality, payroll expenses, and higher infrastructural costs.
Meta's Comeback Growth
Meta has been conducting rounds of layoffs as part of the company's "Year of Efficiency." Overall, the company laid off more than 20,000 employees which cuts the personnel costs.
On the other hand, Meta reported that Reels have hit 200 billion daily plays on Instagram and Facebook, with the monetization rate increasing to more than $10 billion.
Meanwhile, Facebook incurred an average of 2.06 billion daily active users for June 2023, which further helped in boosting Meta's revenue for this year.
"Looking ahead, while we will continue to refine our plans as we progress throughout this year, we currently expect total capital expenditures to grow in 2024, driven by our investments across both data centers and servers, particularly in support of our AI work," Meta promised.
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