Meta has announced a significant increase in income as a result of an increase in advertising on its social media platforms, Facebook and Instagram.
The multinational technology conglomerate announced around $34.2 billion in sales for the quarter on September 30, a 23% increase over the same period previous year.
Decreased expenditures, notably those resulting from workforce reductions following the commencement of a restructuring process last year, added to the rise in profit.
In November of 2022, Meta got into hot water when it said it had fired over 11,000 workers.
Meta reported a workforce of little over 66,000 in September, a decrease of about 25% year on year. Earlier this year, in 2023, the company announced the elimination of 10,000 positions worldwide.
AFP reported that billionaire, Mark Zuckerberg, the company’s founder and chief executive said that ‘‘it was the most difficult change we have ever made in Meta’s history.”
“I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I am especially sorry for those impacted,” he was quoted as saying.
However, Zuckerberg said it had been a fruitful quarter and that he was pleased by the work his staff had done on building artificial intelligence services.
During September, 3.14 billion unique consumers visited its goods on a daily basis. This was said to mark a 7% increase year over year.
Meta stated that Facebook was used daily by 2.09 billion people during the same month, a 5% increase.
IOL