The owner of Facebook, Instagram and WhatsApp unveiled its strongest growth in two years, but warned the economic outlook may hurt its sales.
Mark Zuckerberg’s Meta has unveiled its strongest growth in two years as the social networking giant bounced back from its ill-fated bet on the metaverse with an advertising blitz.
Meta had appeared to recover from struggles in its ad business that began last year. Third-quarter sales were up 23 per cent to $34.2 billion, the company said after the close of trading on Wednesday (Thursday morning AEDT], compared with the average analyst estimate of $US33.5 billion. It was the fastest growth since the third quarter of 2021 and the strongest results since Zuckerberg rebranded the company from Facebook to Meta almost two years ago.
However, the company has squeezed more ads into its services thanks to the rise of features such as Reels, the company’s answer to TikTok. The number of ads it showed to users has increased 31 per cent in the last year, in part due to the growing popularity of its short-form video format.
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