Meta Q2 Earnings: Profit Up 16% to $7.8 Billion – The New York Times
Long before it was called Meta, Facebook was a Wall Street darling because of its breakneck growth and big profits. But the company had lost its luster with investors over the past 18 months thanks to a slump in ad sales and what some saw as self-inflicted wounds.
On Wednesday, the company appeared to regain some of its footing. Meta said its revenue for the second quarter jumped 11 percent from a year earlier, to $32 billion. Profits rose 16 percent, to $7.8 billion, fueled in part by improvements made to Meta’s advertising technology using artificial intelligence, as well as other product tweaks.
Meta’s improving finances are the second indication in two days that the online ad market, after a long slump brought on by a slowing economy, is showing signs of improvement. On Tuesday, Google’s parent company, Alphabet, also reported strong quarterly results, powered by ads for the Google search engine and renewed momentum for YouTube.
“We continue to see strong engagement across our…
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source: https://news.oneseocompany.com/2023/07/26/meta-q2-earnings-profit-up-16-to-78-billion-the-new-york-times_2023072648153.html
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