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As a result, profits jumped to $14 billion from $4.6 billion a year ago. Meta set the quarterly dividend at 0.50 US cents.
The group also continues to spend a lot of money on the development of virtual worlds and devices for them. Reality Labs’ operating loss widened to $4.65 billion, from $4.3 billion a year earlier. Meanwhile, the division’s sales rose from $727 million to just under $1.1 billion.
Investors have repeatedly voiced concerns that Meta is spending too much money on a technology with uncertain profit prospects. Doubts have been raised at times over the past year as the overall online advertising business has slowed. Founder and boss Mark Zuckerberg confirmed at the time that he saw the future in metadata and would therefore keep investments high.
However, investors welcomed the current figures with enthusiasm. The Meta share price temporarily rose more than twelve percent in after-hours trading.
Facebook currently has 2.11 billion daily active users. And 3.19 billion users access at least one of the company’s apps every day. Meta also includes Instagram and WhatsApp, among others.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
