Meta’s Slow Progress in Revenue Generation in the First Quarter of 2023
By Aarti Dhapte, 09 June, 2023
In recent quarters, Meta has been struggling to generate any progress whatsoever. The reason behind the weak demand for ads is the softening economy. It has made it difficult for Meta and other social media companies to keep their gross figures from falling.
According to the sources, when Meta reported its latest earnings, surprisingly, the sales came in better than the analysts expected; the sales of USD 28.6 billion in the Meta for the initial three months of 2023, which is up 3 percent from the prior-year period.
Along with the revenue growth, the company also marked an increase in the number of active users on Facebook, which is 2 billion and rising by 4 percent year over year. It also includes all the social media platforms of Meta, like Instagram and WhatsApp. It averaged over 3 billion and an increase of 5 percent from the same period in 2022. As per the trusted sources, the Meta platforms business also generated positive revenue growth in the last quarter after multiple periods of negative progress. Meta also benefited from the advertisers by shifting their spending from TikTok and Twitter, as per the reports by The Motley Fool.
Aarti Dhapte
Team Lead - Research
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