Meta CEO Mark Zuckerberg and the logo for its Threads app.
Tobias Hase/picture alliance via Getty Images; Nikolas Kokovlis/NurPhoto via Getty Images
Early 2023 saw Meta earnings become more favorable after six straight quarters of losses.
Meta earnings beat estimates for Q1 and Q2 2023.
Meta Q3 earnings are expected to be released in October.
Meta Platforms, the Silicon Valley parent company that includes social media sites Facebook, Instagram and Threads, the messaging app WhatsApp, and more, releases its earnings quarterly.
CEO and chairman Mark Zuckerberg plays a leading role on these calls to report Meta’s status to its shareholders.
Here’s a breakdown of Meta’s recent earnings.
Meta Q2 earnings 2023
Meta earnings outperformed expert estimates in the second quarter of the year, largely driven by an advertising revenue bounceback and cost-cutting measures during what Zuckerberg has dubbed the “year of efficiency.”
Previously, advertising revenue took a nosedive after privacy updates for Apple iOS made it harder to track users for ad purposes. But Meta’s ad revenue is climbing again.
Mass layoffs at Meta were one of the most powerful tools the organization used for cutting costs — about 24% of the staff have lost their jobs since 2022. But some of those workers have since been rehired.
On the earnings call, Zuckerberg also pointed to the recent launch of its Twitter-style platform Threads, which earned 100 million users in its first five days of operation. Threads has experienced a subsequent user slump.
Across all platforms, Meta reported 3.88 billion monthly active users as of June 2023 — an increase of 6% year over year.
Facebook also saw a 7% increase in time its users spent on the platform, largely thanks to AI-driven recommendations on the newsfeed.
Meta’s revenue rose to $32 billion during Q2, an 11% increase from the same period in 2022.
What were Meta earnings Q1 2023?
Meta’s prior earnings call, in April 2023, reported similar good news.
The social media giant beat analyst predictions to grow revenues 3% year over year.
Zuckerberg credited Meta’s AI efforts within its TikTok competitor, Reels, for part of the growth. He said that users spent about 24% more time on Instagram, Reels’s home platform, since the launch of the AI product.
He also committed to continuing to limit company spending through slowing hiring and strictly setting priorities, among other efforts.
When are Meta earnings Q3 2023?
Meta Platforms has not confirmed the date for its next earnings call, but it is expected to be Wednesday, October 25th, 2023.
Meta earnings history
Early 2023 was a banner period for Meta after a six-quarter-straight run of losses.
In February of 2023, the company significantly outperformed the FAANG group, which includes Meta, Amazon, Apple, Netflix, and Google parent company Alphabet — Meta stock recorded a 23% gain during a one-week period, compared to 6.3% for FAANG. The outperformance was the best on record.
On its Q4 earnings call in February 2023, Meta also announced stock buybacks worth $40 billion.
Meta does not pay a dividend.