According to Facebook, Instagram and WhatsApp’s parent company, Meta, the apps’ daily active users rose 7% last quarter to 3.27 billion. Ad impressions rose 10%, for total revenue of about $39.1 billion. That’s up 22% and above Wall Street forecasts.
Meta shares plunge more than 20% as Facebook loses daily users | DW News
Shares rose about 4% in after-hours trading on the numbers.
Digital advertising is a challenge and the company is coming out of a slump. The average price per ad rose 10% year-on-year for the three months ending in June.
“We had a strong quarter and Meta AI is on track to become the most widely used AI assistant in the world by the end of the year,” said Mark Zuckerberg, the company’s CEO. “We released the first frontier-level open-source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we’re driving good growth in our apps.”
