Meta revenue grows 11% as streamlined organization keeps new products in development. - Inexxus

Meta revenue grows 11% as streamlined organization keeps new products in development.

Meta revenue grows 11% as streamlined organization keeps new products in development.

Emerging Features and Streamlined Strategies Propel Meta's 11% Revenue Boost

AI-powered products and Threads gained early traction with users and advertisers.


Overview:

According to an earnings report, Meta Platforms saw an 11% year-on-year increase in revenue in the second quarter, an indication that the tech company's recovery plan is producing positive results.

Strong demand on online commerce, entertainment, media, and consumer packaged goods drove the resurgence of advertising. Total ad impressions across all Meta's apps, which include Facebook, Instagram, and WhatsApp, increased 34% YoY, while the average price per ad decreased 16% and that reflects considerable activity around less well-monetized features and regions.

Meta revenue grows 11% as streamlined organization keeps new products in development.

One of these features is Reels, similar to TikTok, which is now used by more than three-quarters of Meta's advertisers, said CFO Susan Li. Meta also received compliments for early progress on generative AI and Threads, Elon Musk's X (formerly known as Twitter) competitor.

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