In its Q2 2023 earnings report, Meta stated that more than 3 billion people (nearly 40% of the world's population) are active on Facebook each month, a 6% increase year-on-year and the fourth consecutive quarter of growth.
However, most new users come from outside the US and Canada, signaling that the social network's popularity may be slowing down in its home market.
According to the report, Facebook's monthly active users in the US and Canada increased by approximately 1 million, while in Europe they decreased by 2 million. Asia- Pacific and the rest of the world contributed 25 million and 16 million new users, respectively.
As of June 30th, the total number of users across Meta's other apps – Instagram, WhatsApp, Messenger, Thread – reached nearly 3.9 billion, the highest ever.
Meta launched Threads on July 5th, so the data hasn't been included in the Q2 report yet. In just the first five days, the "Twitter killer" attracted over 100 million users.
The results partly show that Facebook and Meta's suite of applications have recovered. According to CEO Mark Zuckerberg, 2023 was "the year of efficiency." The company went through three rounds of layoffs. After the second round, 24% of Meta's 87,000 employees were laid off. Meta is second only to Twitter in terms of size, with the "blue bird" having laid off 80% of its employees since October 2022.
Meta's second-quarter 2023 revenue reached $31.9 billion, an 11% increase year-on-year in 2022 and exceeding Wall Street's expectations. This helped Meta's stock surge 6.84% in after-hours trading on July 26th.
(According to Insider)
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