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Meta reports 11 percent revenue growth, but the metaverse still suffers

Variety and Tech

2023-07-27 | 08:43

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Meta reports 11 percent revenue growth, but the metaverse still suffers

Meta had one of its best quarters since before it changed its name from Facebook. The company reported 11 percent year-over-year revenue growth, which is a sigh of relief for investors, because this time last year, Mark Zuckerberg’s company posted its first-ever quarterly revenue decline. Meta’s stock price reflects this — while the stock took a nose dive through 2022, it’s now climbing back up again, trading at around $298 per share after markets closed today.

Part of why Meta is making more money is because it’s laid off more than 20,000 employees, which makes personnel costs much lower. Though this correction for over-hiring has serious implications for those who lost their jobs, investors seem to be pleased. Meta calls this downsizing “The Year of Efficiency,” which is a much more palatable way to say “mass layoffs” on an earnings call.

Read the full story at:

https://techcrunch.com/2023/07/26/meta-earnings-q2-2023/

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