Meta, which owns social media sites including Facebook and Instagram, has seen revenue jump three per cent in the first three months of 2023 compared with the same period of last year.

The company has also seen daily users of its platforms rise to over three billion, an increase of five per cent compared to a year ago.

Shares in the company increased by around 10 per cent following the announcement of its first quarter financial results.

The results are a welcome contrast to figures recorded during the three months to 31 December 2022, which saw profit drop by 55 per cent. Full year profits for 2022 declined by 41 per cent – from $39 billion to $23 billion.

The financial results also come after Meta laid off thousands of staff in several rounds of job cuts as part of its “year of efficiency.”

Meta said it expects to spend between $30 and $33 billion over the coming year on building AI capitiy to support adverts and features including feed and reels.

The company will spend between $3 billion to $5 billion on restructuring costs.

Meta predicts revenue for the second quarter of 2023 to be around $29.5 billion to $32 billion.

"We had a good quarter, and our community continues to grow," said Mark Zuckerberg, Meta’s founder and chief executive. "Our AI work is driving good results across our apps and business.”

He continued: “We're also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long term vision."

Share Story: