One of the leading blue-chip stocks in 2023, META continues to make significant waves in the tech industry. With earnings surpassing expectations, an expanding user base, and breakthroughs in AI technology, META appears committed to shaping the digital landscape on a global scale.
Meta Q2 2023 Earnings Surpass Expectations
META, formerly known as Facebook, reported impressive earnings in its recent quarter. The company revealed an earnings-per-share (EPS) of $2.98, surpassing market expectations of $2.89. Additionally, Meta’s revenue reached a staggering $32 billion, beating forecasts of $31 billion. This outstanding performance reflects the company’s continued growth and strong position in the market.
Reels Revenue Skyrockets in Q2 2023
One of the notable highlights from the earnings report is the meteoric rise of Reels revenue. Meta CEO, Mark Zuckerberg, proudly announced that the annual revenue run rate for Reels across all of its apps has exceeded an astounding $10 billion. This remarkable achievement represents a significant leap from the $3 billion revenue reported just last fall. The popularity and success of Reels demonstrate Meta’s ability to innovate and capture the attention of its massive user base.
Nearly Half of the World’s Population Engages with Meta Products
Meta’s platforms, including Facebook, Instagram, and WhatsApp, continue to draw an astonishing number of users. A staggering 3.88 billion people use at least one of these apps on a monthly basis. This means that approximately 48.5% of the world’s population engages with a Meta product each month.
Q2 2023 AI Mentions Analysis: Google, Meta, and Microsoft
Some companies have been more aggressive about mentioning AI during their earnings calls than others.
Despite being the leader in Q1, Google showcased substantial growth in AI mentions during its latest earnings call, with a notable 26.9 percent increase from Q1 to Q2 2023.
Meta, on the other hand, experienced a more modest but still significant 5.4 percent growth in AI mentions quarter-over-quarter. Meanwhile, Microsoft demonstrated impressive growth as well, with a remarkable 25 percent increase in AI mentions.
Let’s take a closer look at the AI mentions for the first two quarters of 2023 for Google, Meta, and Microsoft:
| Company | AI Mentions Q1 2023 | AI Mentions Q2 2023 | Q/Q Percentage Growth |
|---|---|---|---|
| 63 | 80 | 26.9% | |
| Meta | 56 | 59 | 5.4% |
| Microsoft | 52 | 65 | 25% |
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