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Neno's Place Established in 2006 as a Community of Reality


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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    $32 billion in Meta revenue in 3 months

    Rocky
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    • Post n°1

    $32 billion in Meta revenue in 3 months Empty $32 billion in Meta revenue in 3 months

    Post by Rocky Thu 27 Jul 2023, 4:56 am

    $32 billion in Meta revenue in 3 months

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    Economy News _ Baghdad
    Meta Platforms reported a strong rise in ad revenue, beating Wall Street expectations for the second quarter, and the company also provided a better forecast for its revenue in the next quarter.
    The results for Meta, the parent company of Facebook, come a day after a strong performance by Alphabet Inc, the owner of the Google search engine, proving that consumers and advertisers eager to reach them are spending despite broad economic concerns.
    However, Meta also expects expenses to rise in both 2023 and 2024, citing costs including legal fees and increased infrastructure spending that are key to the AI ​​frenzy in the technology sector.
    The spending follows significant cost cuts in other areas of the company, including safety teams and core business functions.
    Meta shares rose 7.5 percent in after-hours trading.
     WhatsApp owner revenue rose 11 percent year-on-year to $32 billion, surpassing analysts' average estimate of $31.12 billion, during the reported quarter.
    Advertising revenue jumped 12 percent in the second quarter, registering faster growth than Google, which had advertising revenue of 3 percent.
    The earnings per share of “Meta” were recorded at about $2.98, compared to expectations of $2.91 per share during the three months ending in June, while the owner of “Threads” said that revenues in the third quarter will range between $32 billion and $34.5 billion.
    And the results of the Facebook owner's business showed that net profit increased by 16 percent on an annual basis, to reach $ 7.79 billion in the three months ending in June.
    This is the first time that Mita has reported double-digit growth since the fourth quarter of 2021, as revenue declined before the first quarter in three consecutive periods as the challenges facing the company grow in light of the faltering economy.
    The average daily active users of the Facebook app for June were 2.06 billion, up slightly from 2.04 billion three months ago and 1.97 billion a year ago.
    On the other hand, the Meta Reality Labs unit, which is tasked with developing Metaverse, achieved sales of $276 million during the second quarter, down from $452 million in the same quarter last year.
    The unit tasked with developing Metaverse incurred losses of about $3.7 billion in the second quarter, and the company indicated that these losses will continue to increase significantly year-on-year due to ongoing efforts in product development.
    The unit has lost more than $40 billion since 2021, including $13.7 billion last year.
    Meta said it expects Reality Labs' operating losses to increase in 2024 as the company continues to invest in augmented and virtual reality and "expands the ecosystem." Zuckerberg had previously said Meta would "accelerate" investments in the division after 2023.
    Zuckerberg told investors he understands why many of them feel uncomfortable with such a long-term bet on the Reality Labs unit.
    The company expects total expenses this year to be in the range of $88 billion to $91 billion, compared to its previous forecast of $86 billion to $90 billion, citing "legal expenses".
    Meta said second-quarter expenses included $1.87 billion in legal costs, mostly related to a fine by the Irish Data Protection Commissioner in May for transferring user information to the United States. The fine itself amounted to 1.2 billion euros ($1.3 billion).
    It said it expects "higher infrastructure-related costs" in 2024, as well as growth in payroll expenses "as we evolve the composition of our workforce toward high cost technical roles".
     
     


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