Meta's "year of efficiency" seems to be paying off.
The Facebook-parent company on Wednesday reported revenue of $32 billion for its quarter ending in June, marking an 11% increase compared to the same period last year and beating Wall Street's expectations. The results mark Meta's second consecutive quarter of revenue growth after a brutal 2022, which was notable for revenue declines.
The company also reported profits of $7.79 billion for the quarter, a 16% increase compared to last year, also beating analysts' estimates.
Meta CEO Mark Zuckerberg laid out his plans for a "year of efficiency" in February following the company's third quarterly revenue decline, after a bruising year in which the company faced steep competition, challenges from Apple's app privacy changes and lower digital ad spending amid broader macroeconomic uncertainty. The year was marked by steep cost-cutting measures and mass layoffs. Last November, Meta said it would eliminate 11,000 jobs, marking the single largest round of cuts in its history.
In March, Zuckerberg announced Meta would lay off another 10,000 employees.
The report comes just weeks after Meta rolled out its competitor to Twitter, Threads. The app gained a stunning 100 million user sign ups in less than a week after its launch, and although user engagement has dipped, Meta has steadily added features to the app in an effort to keep the momentum going.
Meta shares jumped some 4% in after-hours trading immediately following the results.
This is a developing story. Please check back for updates.
