Meta revenue grows 3% as it faces 17% drop in ad prices

Meta Platforms has reported revenue of $28.645 billion (+3 percent) and net income of $5.709 billion (–24 percent) during the first quarter of 2023 as ad impressions delivered across its apps rose 26 percent but the average price per ad fell 17 percent.
Meta business data centerMeta Platforms said it expects total revenue of $29.5-32 billion in the second quarter of 2023.

Meta Platforms CEO Mark Zuckerberg said on Wednesday that AI was helping the company boost traffic to Facebook and Instagram and earn more in ad sales

Meta Platforms said its capital expenditures, including principal payments on finance leases, were $7.09 billion in the first quarter of 2023.

Capital expenditures for 2023 will $30-33 billion, Meta Platforms said. The outlook on Capex reflects build out of AI capacity to support ads, Feed and Reels, along with an increased investment in capacity for generative AI initiatives.

Total expenses for 2023 will be $86-90 billion including $3-5 billion of restructuring costs related to facilities consolidation charges and severance and other personnel costs.

Meta Platforms has 3.02 billion users on daily basis for March 2023, an increase of 5 percent. Meta Platforms has 3.81 billion users on monthly basis as of March2023, an increase of 5 percent.

Facebook has 2.04 billion users on daily basis for March 2023, an increase of 4 percent.

Facebook has 2.99 billion users on monthly basis as of March 2023, an increase of 2 percent.