Meta reports 11% revenue growth in Q2 2023

Meta has released its financial results report for the second quarter (Q2) of this year ended on June 30, in which it revealed that revenue was $32 billion -- an increase of 11 per cent year-over-year -- and Facebook's monthly active users were 3.03 billion -- a spike of 3 per cent year-over-year. "We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall," Meta founder and CEO Mark Zuckerberg said in the report on Wednesday. Moreover, the company reported that Facebook's daily active users were 2.06 billion on average for June, an increase of 5 per cent year-over-year. "Long-term debt was $18.38 billion as of June 30, 2023," it added.

Headcount was 71,469 as of June 30, a decrease of 14 per cent year-over-year. Approximately half of the employees impacted by the 2023 layoffs are included in the reported headcount. "Beginning in 2022, we initiated several measures to pursue greater efficiency and to realign our business and strategic priorities. As of June 30, we have substantially completed planned employee layoffs while continuing to assess facilities consolidation and data centre restructuring initiatives," the company claimed.

Meta expects the third quarter (Q3) 2023 total revenue to be in the range of $32-$34.5 billion. It also anticipates that the full-year 2023 total expenses will be in the range of $88-$91 billion, increased from the prior range of $86-$90 billion. This outlook includes about $4 billion of restructuring costs related to facilities consolidation charges and severance and other personnel costs.
Moreover, Meta said that it is expecting higher infrastructure-related costs next year.

"For Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and investments to further scale our ecosystem," it added.