Facebook creator Mark Zuckerberg, presenting the company’s quarterly results, claimed that the use of new technologies to personalize recommendations for users on Facebook and other platforms is “already paying off.”
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Although last year and the beginning of this year were quite bad for the social media giant “Meta”, as “The Financial Times” writes, the company, developing artificial intelligence (AI) solutions, has been able to show good turnover results.
The company’s revenue in the 2nd quarter of 2023 was 32 billion US dollars, which is an increase of 11% compared to last year. This, according to The Financial Times, is a sign that the decline in digital advertising, which has affected Meta’s growth over the past 18 months, is starting to ease.
The company reported $7.79 billion in profit last quarter, up 16% from the second quarter of 2022.
Meta’s shares rose after it reported a rise in revenue. The results were announced after US stock markets were already closed, but pre-open trading data showed the company’s shares rose 7-8%.
In general, the value of the company’s shares increased by more than 138% during the year.
In recent years, “Meta” experienced a period of stagnation, which came with macroeconomic problems and investors’ concerns about the virtual reality “Metaverse” dreamed up by Zuckerberg, which apparently has not impressed either users or technology developers.
Zuckerberg has undergone significant restructuring at the company in recent months, including reducing the management structure. In total, about 20 thousand people were laid off.
“It’s very good to see the decisions and investments we made starting to pay off,” he said in an encouraging call to investors and analysts.
Investments in artificial intelligence to improve user flow personalization and recommendation systems are “clearly paying off,” he said, now developing AI solutions to sell to other companies. They will also improve the effectiveness of ads.
2023-07-27 08:58:53
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