The Facebook group Meta performed better than analysts had expected in the past quarter, despite a drop in revenue. Investor relief erupted Wednesday in a price jump of more than 18 percent in after-hours trading.
Meta also announced an additional $40 billion share buyback.
In the past quarter, sales fell 4 percent year-on-year to just over $32.16 billion. Revenues of $31.5 billion were expected from the market. Meta, with its two business pillars Facebook and Instagram, has already suffered from the slowdown in the online advertising market in recent quarters. The bottom line is that quarterly earnings fell 55 percent to $4.65 billion.
Meanwhile, the number of users continues to grow. Facebook now has two billion daily active users – an increase of 16 million in three months. At least one app from Meta was last used by 2.96 billion users per day, up from 2.93 billion three months earlier. (sda/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
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