Meta presented its quarterly results, including a 24% drop in profits compared to 2022. But is all the data really bad?
https://cryptoast.fr/feed/
Meta : chute des bénéfices trimestriels de 28 % malgré une hausse des revenus
Meta earnings are down in the first quarter
This week, the Meta group unveiled its quarterly results, and while revenues increased compared to the first quarter of 2022, profits fell sharply. And for good reason, these fell from 7.46 to 5.7 billion dollars, thus recording a fall of 24%.
For gross receipts, they increased by 3%, from 27.9 to 28.64 billion dollars. Thus, earnings per share are brought to 2.2 dollars, down 19%:
Meta results in the first quarter of 2023
Several factors can affect a company’s profit. Here, for example, we can find a 10% increase in expenses compared to the first quarter of 2022, or nearly 21.42 billion dollars.
Among the factors at the origin of this increase in expenditure, there will be in particular the restructuring campaign in March with the announcement of 10,000 departures. The cost of this wave of layoffs is thus announced at 1.14 billion dollars.
As far as staffing is concerned, these are 77,114 as of March 31although the people expected to be impacted by the layoffs are still included in this data.
👉 To go further — Find our guide to buying Bitcoin (BTC)
Buy crypto on eToro in minutes
🎧 Listen to this article and all other crypto news on Spotify
Decent results anyway
Despite declining profits, these results could have been worse than expectedafter Meta’s setbacks with everything related to Web3, such as the difficulties encountered with its Horizon World metaverse or the abandonment of non-fungible tokens (NFT) on Instagram for example.
Mark Zuckerberg, Founder and CEO of Meta, has described the first three months of 2023 as “a good trimester”, with a community that “keep growing“. He also pointed out promising developments in artificial intelligence (AI) :
“Our AI work is yielding good results in our applications and business. We are also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver on our long-term vision. »
Among other interesting data to highlight, the long-term debt of the group amounts to 9.92 billion dollars, and the company proceeded the repurchase of $9.22 billion of Class A shares during the past quarter.
Meta’s action has continued to climb since the start of the year, and even offered a bullish gap opening on Thursday, ending the session up around 14%, at $238.59. The group thus weighs 618.53 billion dollars on the stock market.
For the current quarter, the company anticipates results of between 29.5 and 32 billion dollars, and a range of 86 to 90 billion for the full year, including restructuring costs of 3 to 5 billion.
👉 Also in the news — Changpeng Zhao is worth $28 billion? Binance CEO formally denies
Our service dedicated to cryptocurrency investors. Get real-time analytics and optimize your crypto portfolio.
Source: Meta
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
610 items
