Meta Technology prepares augmented reality glasses for 2024
Meta
, the firm formerly known as
, has returned to the path of growth after the harsh results of the last quarter of 2021 that caused its shares to plummet to their lowest since 2020.
Wall Street
celebrated with euphoria the increase in its profits in 21% and advertising revenue 7% over last year.
Shares of the social network were up almost 20% in the
after-hours
market .
"We have made progress this quarter on a number of key company priorities and remain confident in the opportunities and long-term growth that our product roadmap will unlock," said
Mark Zuckerberg
, founder and CEO of the US-based firm.
Menlo Park
.
"Today more people use our services than ever before, and I'm proud of how our products are serving people around the world."
In total, 2,870 million users enter their social networks, Facebook and Instagram, on a daily basis, 6% more than twelve months ago.
On Facebook alone, the daily average is 1.96 billion people 18 years after its founding.
Although the results exceeded analysts' expectations, it is the slowest growth in the revenue chapter since the company went public a decade ago, hit by the adverse global macroeconomic climate and by the change in privacy rules of
Apple
that have directly affected its advertising model.
For the second quarter of 2022, they expect growth to remain moderate, with revenues ranging from $28 billion to $30 billion.
"This outlook reflects a continuation in the trends that affected revenue growth in the first quarter, including weakness in the second half of the first quarter that coincided with the war in
Ukraine
.
The results, with a turnover that reached 27,908 million dollars, represent a respite for the company and a general relief for the technology sector in the midst of a scenario of marked decline in the main values of
the Nasdaq index
, more than 20% per below its all-time high.
The news comes after Google's disappointing results after the close of the stock market on Tuesday and pending what Apple reports on Thursday.
Meta could thus manage to stop a negative streak that was accentuated with the results presented in January and that led it to lose 230,000 million in value in a single day by leaving 25%.
The key to its recovery goes through the
Metaverse
and virtual reality, an alternative world in which Zuckerberg continues to invest vehemently despite the fact that he has warned that it will take time to give benefits.
Conforms to The Trust Project criteria
Know more
Goal
Facebook
WhatsApp