Meta Platforms posted an 11 per cent rise in revenue in Q2, potentially signalling a rebound for the company despite ongoing woes for its metaverse unit.
CEO Mark Zuckerberg (pictured) stated there was plenty of engagement across Meta Platforms’ family of apps during Q2 and expressed enthusiasm over its product roadmap.
“We had a good quarter,” he stated.
The CEO pointed to a roadmap which already led to Meta Platforms launching its Threads play, along with the forthcoming launch of new AI products and its latest Quest VR headset.
But it predicted continued losses for its Reality Labs VR and AR unit across the rest of the year after booking an operating loss of $3.7 billion compared with $2.8 billion in Q2 2022, on sales of $276 million versus $452 million
It expects full year capex of between $27 billion and $30 billion, compared with a previous forecast in the range of $30 billion to $33 billion.
Total costs and expenses grew 10 per cent year-on-year in Q2 to $22.6 billion. Zuckerberg is been on a mission to make Meta Platforms more efficient, which has resulted in job cuts.
The company’s headcount at end-June stood at 71,469, down 14 per cent.
Net income rose from $6.7 billion to $7.8 billion, on revenue of $32 billion.
The company projected Q3 revenue in the range of $32 billion to $34.5 billion.
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