Meta platforms beats Q2 earnings, loses billions on Metaverse

MG News | July 27, 2023 at 11:42 AM GMT+05:00

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July 27, 2023 (MLN): Meta Platforms, Inc. (NASDAQ: META) reported its earnings for the second quarter of 2023, wherein the revenue clocked in at $32 billion [EPS: $2.98], beating analysts’ estimate of $31.08bn [EPS: 2.91].

Going by the latest earnings report made available by META, the company’s employees as of June 30 stood at 71,469, down by 14% YoY.

While the daily active users of the platform in the second quarter of 2023 stood at 2.06bn, compared to analysts’ estimate of 2.03bn.

The company has lost a total of $13.7bn on its Metaverse development over the last year.

Meta Platforms sees third-quarter revenue of around $32-34.5b.

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