Meta, the parent firm of Facebook and Instagram, posted better-than-expected profits this year. Meta has announced that it made a profit of $5.7 billion in the first quarter of this year, exceeding expectations for a period that saw many job cuts.
The company says that artificial intelligence is delivering good results in our business. Our community continues to grow and we are becoming more efficient to position ourselves to deliver on our long-term vision,” said Meta Chief Executive Mark Zuckerberg. He said his company is experimenting with WhatsApp and Messenger and is also looking into Facebook, Instagram, and advertising.
Artificial Intelligence Research
It should be noted that Meta established Facebook’s artificial intelligence research laboratory in 2013, but it is now lagging behind other major firms, including Microsoft. However, Zuckerberg says that Meta is not behind in building the artificial intelligence infrastructure that people will be able to understand in the next few months.
Zuckerberg says the company’s target year was to make 2023 the year of performance. He further said that his company has been the most aggressive major tech firm in America in terms of layoffs. He further said that the company had cut nearly a quarter of its global workforce, more than 20,000 jobs, in just a few months. While releasing the quarterly earnings report, Mark Zuckerberg said that the number of people using our apps is increasing while our work on artificial intelligence has benefited apps and businesses.
Commenting on Meta, experts say that the company’s performance at the start of this year has far exceeded expectations and a 3% revenue growth is a major achievement in the current economic environment. According to experts, Mark Zuckerberg and Meta deserve praise for their achievements in the last 6 months. They said that Meta has achieved positive results and from these results, it can be fully hoped that the company will overcome its past failures and weaknesses.
Zuckerberg’s wealth increased by $10.2 billion in one day
In the real world, Mark Zuckerberg’s efforts to create Metaverse proved to be too much for him, and he lost $71 billion in 2022. At the beginning of 2023, Mark Zuckerberg’s wealth was close to $46 billion, but this year now So far they have proven to be quite good.
How much did it increase?
During the 4 months of this year, his wealth increased by 41.7 billion dollars and he now owns 87.3 billion dollars. In fact, his assets increased by almost 14 percent or 10.2 billion dollars 28, although His company’s quarterly revenue was down 24 percent from the same period last year. During the January-March 2023 quarter, Meta made a profit of $5.7 billion, up 22.7 percent from the last quarter of 2022. In addition to owning 12.8% of the company’s stock, Mark Zuckerberg also benefits financially from Meta. Mark Zuckerberg’s wealth started to dwindle in February 2022, and he was removed from the list of the top 10 richest persons in the world. Since then he has not been able to enter the top 10 again.