Meta, the parent company of Facebook, reported a Q1 2023 profit of $5.7bn, beating forecasts due to cost-cutting and layoffs. The revenue was $28.6bn and the number of people using Facebook every month grew to just shy of three billion. Shares surged nearly 12% in after-market trades to $233.94. Meta CEO Mark Zuckerberg called 2023 the “year of efficiency” and stated that AI being used at Meta is “driving good results” across its business.
Meta’s Reality Labs, the division underpinning its metaverse ambitions, reported an operating loss of nearly $4bn. However, Zuckerberg is committed to building the metaverse and Meta will release a new model of its Quest virtual reality headset for consumers later this year. AI is put to work handling content and security as well as in Meta’s ad platform, enabling whole new classes of products and experiences.
