Beating Wall Street's predictions, the business reported $28.6 billion in revenue and a record 2 billion daily users of the Facebook app.
Stating that the company's focus will be on expanding its initiatives in AI, Meta is expecting that its capital expenditure will be in the range of $30-33 billion in the second quarter of 2023. CEO Mark ZuckerbergMeta's quarterly profit decreased 24% from last yearits very own artificial intelligence language model called Large Language Model Meta AI in February.
In an earnings call with the investors, Zuckerberg further said, "We're exploring chat experiences in WhatsApp and Messenger, visual creation tools for posts in Facebook and Instagram and ads, and over time video and multi-modal experiences as well.I expect that these tools will be valuable for everyone, from regular people to creators to businesses.
This comes after the company laid off over 10,000 employees in a bid to "pursue greater efficiency and to realign our business and strategic priorities.", across all its companies and apps, in a span of five months. The company will be spending $1 billion in severance packages and other costs, of which $523 million have been realized in the first quarter of 2023.
"We had a good quarter, and our community continues to grow," said Zuckerberg. "Our AI work is driving good results across our apps and business. We're also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision."
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