Meta’s report on the first quarter highlights the growth in the number of daily active Facebook users.<\/p>\n
This marks a turnaround for the company after it lost billions in market value for the first time following a drop in users.<\/p>\n
“More people use our services today than ever before, and I’m proud of how our products are serving people around the world,” said Mark Zuckerberg, CEO of Meta.<\/p>\n
Meta’s revenue in the first three months of the year rose only 7% to $27.9 billion but still fell 20% year-on-year.<\/p>\n
Meta’s expected revenue in the coming months is between $28 billion and $30 billion, below analysts’ estimates.<\/p>\n
While Meta faces stiffer competition from newer platforms like TikTok, a new privacy policy from Apple has made it more difficult for the company to target advertising.<\/p>\n
One of the strategies Zuckerberg sees to solve Meta’s advertising problem is to invest in its video “Reels” which will help the company’s platforms compete with TikTok.<\/p>\n
For the next phase of growth, Zuckerberg said the company would invest heavily in artificial intelligence and virtual reality.<\/p>\n