Meta Revenues Soar 25 Percent to $40.1 Billion

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    Meta, Facebook's parent company, had net income of $14 billion on revenue of $40.1 billion in the quarter that ended Dec. 31, 2023. Sales for the quarter rose 25%, exceeding expectations.

    “We had a good quarter as our community and business continued to grow,” Meta founder and CEO Mark Zuckerberg said in what I believe was a deliberate understatement. Stated. “We have made great strides in line with our vision of evolving AI and the Metaverse.” All of Meta's revenue comes from advertising and not from the Metaverse or its non-existent AI products. , I think this was intentional misdirection.

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    To that point, Meta generated $38.7 billion in revenue from advertising in the quarter, representing 96.5% of the total. Reality Labs (i.e. Meta's Metaverse business) brought in his $1 billion in revenue with most of the rest, up 47% year over year (YOY). And “other income” accounted for $334 million.

    But Reality Labs isn't just unprofitable, it's also the anchor of the boat. The business' net loss was $4.6 billion (on sales of just $1 billion), slightly higher than the $4.3 billion loss in the same period last year. It's unclear how this represents progress. This business has never been profitable.

    Meta also reported that it currently has more than 2.1 billion daily active users, more than 3 billion monthly active users, and an average monthly revenue per user of $13.12. This tracking is working wonders. A year ago, this number was $11.23 per user.

    Meta plans to release something in generative AI later this year, and Zuckerberg said in January that Meta's long-term strategy is to develop an open source AI general intelligence (AGI) business. The details are light, but He gave Fortune a tidbit of information. recently.

    “We will continue to build the most popular and cutting-edge AI products and services,” he told the publication. “If we are successful, everyone who uses our service will have a world-class AI assistant to help them get things done.” It is clear that to provide a version of We look forward to continuing to actively invest in this area.”


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