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Mar 31, 2023
Meta Q1 2023 Earnings Report
Meta's first quarter results in 2023 showed revenue growth and a continued expansion of its user base.
Key Takeaways
Meta Platforms, Inc. reported a 3% increase in revenue year-over-year, reaching $28.65 billion. The company's family of daily active people (DAP) grew by 5% year-over-year, averaging 3.02 billion in March 2023. Despite increased costs and expenses, Meta is focusing on AI and efficiency to drive future growth.
Revenue increased by 3% year-over-year to $28.65 billion.
Family daily active people (DAP) reached 3.02 billion in March 2023, a 5% increase year-over-year.
Ad impressions across the Family of Apps increased by 26% year-over-year, while the average price per ad decreased by 17%.
The company repurchased $9.22 billion of Class A common stock during the quarter.
Revenue by Segment
Forward Guidance
Meta expects second quarter 2023 total revenue to be in the range of $29.5-32 billion. Full-year 2023 total expenses are anticipated to be in the range of $86-90 billion. Capital expenditures are expected to be in the range of $30-33 billion.
Positive Outlook
- Second quarter 2023 total revenue to be in the range of $29.5-32 billion.
- Foreign currency headwinds will be less than 1% to year-over-year total revenue growth in the second quarter.
- Ongoing build out of AI capacity to support ads, Feed and Reels.
- Increased investment in capacity for our generative AI initiatives.
- Full year 2023 tax rate percentage to be around 20%.
Challenges Ahead
- Full-year 2023 total expenses will be in the range of $86-90 billion.
- Includes $3-5 billion of restructuring costs related to facilities consolidation charges and severance and other personnel costs.
- Reality Labs operating losses to increase year-over-year in 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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