Meta, The Company Behind Facebook, Reduces Its Profits By 21%.
However, its revenue and the number of users using its products, including Instagram and WhatsApp, keeps on growing.
Meta’s revenues grow while its profits decrease. The company that comprises the social network Facebook reached $27.908 billion during the first quarter of 2022.
While total revenues improved by 7% compared to the same period of 2021, earnings fell by 21% from 9497 to 7465 million dollars. Earnings per share stood at $2.72.
In assessing the results, Mark Zuckerberg, founder and CEO of the company, states that “progress” has been made during the three months under review “on a number of key priorities.”
“We remain confident about the opportunities and long-term growth that will unlock our product roadmap,” he says. And he stresses that “more people are using our services today than ever before and I’m proud of how our products are serving people around the world.”
Facebook’s active users are up 3% on a monthly basis and 4% on a daily basis to 2940 million and 1960 million, respectively.
If you count Meta’s entire family of products, such as Instagram or WhatsApp, those numbers go up to 3640 million monthly and 2870 million daily. In both cases, these are year-on-year increases of 6%.
