Meta posts higher profit, revenue for Q2 as advertising rebounds
The Hindu
Facebook parent company Meta Platforms posted stronger-than-expected results for the second quarter.
Facebook parent company Meta Platforms posted stronger-than-expected results for the second quarter on Wednesday, buoyed by a rebound in online advertising after a post-pandemic slump.
The Menlo Park, California-based company earned $7.79 billion, or $2.98 per share, in the April-June period. That's up 16% from $6.69 billion, or $2.46 per share, in the same period a year earlier.
Revenue jumped 11% to $32 billion from $28.82 billion in the year-ago quarter. It's the first double-digit revenue growth for the company since 2021.
Analysts, on average, were expecting earnings of $2.91 per share on revenue of $31.08 billion, according to a poll by FactSet Research.
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Facebook had 3.03 billion monthly active users as of June 30, up 3% year-over-year.
Squeezed by a slump in online advertising and uncertainty around the global economy, Meta has cut more than 20,000 jobs since last November. It had 71,469 employees as of June 30, down 14% from a year earlier.
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