Thursday, July 4, 2024 06:16 PM
Meta's Profits Soar, Zuckerberg Highlights Growth
- Meta's quarterly profits reach $12.4 billion, revenue up by 27%.
- 3.2 billion daily app users, strong growth in US market.
- Exploring new revenue streams with potential advertising on Threads platform.
Image Credits: Yahoo FinanceMeta, the parent company of Facebook, reports a significant increase in profits, driven by advertising revenue and user growth. Mark Zuckerberg highlights the success, emphasizing strategic adaptability and exploring new revenue streams.
Meta, the parent company of Facebook, reported a significant increase in quarterly profits, reaching $12.4 billion in the first quarter of 2024. The company's total revenue, primarily generated from advertising, rose by 27 percent to $36.5 billion during the same period.
Mark Zuckerberg, the CEO of Meta, highlighted that over 3.2 billion people use their apps daily, with notable growth in the US market. Analysts attribute Meta's success to its advanced advertising tools and the popularity of 'Reels', short algorithm-driven videos inspired by TikTok.
Meta is also exploring new revenue streams by potentially introducing advertising on Threads, its messaging platform similar to Twitter. This move could provide advertisers with an alternative platform to engage with audiences in real-time moments.
The company's recent financial success follows a strategic restructuring in 2023, which involved significant cost-cutting measures, including substantial layoffs. Meta's current global workforce stands at 69,329 employees, reflecting a decrease from its peak of over 87,000 employees in 2022.
In conclusion, Meta's strong financial performance in the first quarter of 2024 underscores its resilience and strategic adaptability in the ever-evolving tech landscape.
