Despite the current economy, Meta’s revenue actually rose in the first quarter of 2023
👉 Background: Earlier this year, the Zuck announced that 2023 would be Meta’s “year of efficiency.” That meant scaling back moonshot investments in the metaverse and laying off 21,000 people.
👉 What happened: Despite the current economy, Meta’s revenue actually rose 3 per cent in the first quarter of 2023. Facebook’s daily active users also grew - they had over 2 billion daily active users on average for March, which is larger than any single country.
👉 What else: After the slimming down of its expenses and bulking of its revenue, investors sent the shares up 12%.
💡During uncertain times, the cream floats to the top. While many believed Meta would announce a fourth-consecutive quarterly drop in revenue, it had other plans.
💡Meta reckons advertisers are turning to tried and tested platforms during the current economic uncertainty. While Facebook and Instagram aren’t perfect, you know what you’re going to get with your ads.
💡It isn’t just in the tech industry. During COVID lockdowns, many Australians flocked to the Big 4 banks and customers actually became happier with them for the first time in years… So Meta may just be the safest bet during difficult times.
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