Posted Jul 27, 2023 at 12:58 p.m.Updated Jul 27, 2023 at 1:15 p.m.
Meta Platforms, the parent company of Facebook, recorded the first double-digit revenue growth since 2021. A performance that allows Mark Zuckerberg to predict that advertising should drive a 20% increase in revenue over the three month at the end of September. He also indicated that his bet on artificial intelligence (AI) was already starting to pay off. The action progressed by 9% before the market.
Meta posted second-quarter revenue of $32 billion, up 11%, beating analysts’ expectations of $31.1 billion on average.
A year 2022 to forget
The social media platform has weathered a difficult 2022, marked by the slow post-health crisis recovery and changes to Apple’s privacy rules, which last year led to the company’s first drop in revenue. group history. A situation that had weighed on the nerves of investors, who criticized Mark Zuckerberg for moving away from his core business with his expensive investments in the Metaverse.
Meta Platforms had to respond by cutting some 20,000 jobs and improving its advertising strategy with the help of AI during what Mark Zuckerberg called ” a year of efficiency “. Questioned by analysts during the conference which followed the publication of the results, the boss of Meta declared that this “ really good to see that the decisions and investments we made are starting to pay off ».
A host of opportunities in AI
Analysts also asked him about his strategy regarding AI, and in particular generative artificial intelligence, which makes it possible to create text, images and code. He replied that the use of this technology improves the personalization of content for users. He has also pledged to be prudent in his investments and his priorities, a way of trying to reassure, without saying so, those who reproach him for the amounts committed to his Metaverse project, his conception of a virtual universe that he hopes to be adopted by everyone in the future.
Meta is now focused on intelligent agents, autonomous software managed by AI or chatbots to boost the efficiency of its teams, its advertising revenue and internal productivity.
« We see a host of opportunities that Meta can capitalize on to monetize AI says Angelo Zino, analyst at CFRA. ” This includes AI chatbots, ‘agents’ and ‘coaches’, which Zuckerberg mentioned during the call. “, he specifies.
Meta Platforms shares have posted a 148% gain since the start of the year, compared to increases of 41%, 46.5%, 52.6% and 49.7% respectively for Microsoft, Alphabet, Amazon and Apple.
2023-07-27 10:58:55
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