Meta’s revenue and profits increased

Meta, the owner of Facebook, Instagram and WhatsApp, saw its revenue increase by 22 percent and its net profit increase by 73 percent in the second quarter of this year.

Meta announced its balance sheet for the second quarter of this year.

Accordingly, the company’s revenue in the second quarter of this year increased by 22 percent compared to the same period last year, reaching $39.1 billion. Meta had revenue of $31.9 billion in the same period last year.

The market expectation for the company’s revenue was $38.3 billion.

Meta’s net profit also increased by 73 percent to $13.5 billion in the second quarter of this year. The company reported a profit of $7.8 billion in the same period last year.

The company’s earnings per share rose to $5.16 in the same period this year, compared with $2.98 in the second quarter of 2023. Meta’s earnings per share were expected to be $4.73.

The company said it expects revenue between $38.5 billion and $41 billion in the third quarter of the year.

Meta CEO Mark Zuckerberg said in his assessment of the company’s financial results, “We had a strong quarter, and Meta AI is on track to become the most used artificial intelligence assistant in the world by the end of the year.”