Facebook parent Meta reported profits fell 23% during its first quarter compared to last year on Wednesday, as Mark Zuckerberg’s social media empire tries to find its footing amid a weaker economy.

During its first quarter, the social media giant took in a profit of $5.7 billion, a 23% drop compared to $7.4 billion a year ago. Revenue for the first quarter totaled $28.6 billion, up slightly compared to $27.9 billion last year and beating expectations across Wall Street of $27.7 billion for the quarter.

In a shareholder letter, Zuckerberg said the business “had a good quarter and [its] community continues to grow,” adding that its focus on AI across its apps is driving promising results.

While the company’s image has largely centered on its metaverse push since a rebrand in 2021, Meta makes money mostly from advertising revenue, which totaled $28 billion for the quarter compared to just $205 million in revenue from other sources. But its latest advertising revenue numbers represent an increase compared to $27 billion a year ago.

Following a $14 billion loss on its metaverse-focused Reality Labs last year, Zuckerberg declared 2023 will be Metaverse’s “year of efficiency,” as the social media giant tries to weather a challenging business environment and fend off competition from social media platforms like TikTok.

Yet Reality Labs continues to lose significant amounts of money. The segment saw a loss of $3.9 billion during Meta’s first quarter, an acceleration

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Author: André Beganski

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