February 25, 2024
Sci & Tech

The $4.4b quarterly profit for Meta more than halved

The $4.4b quarterly profit for Meta more than halved

The parent company of Facebook, Meta, revealed on Wednesday that its third-quarter profit more than halved from $9.2 billion to $4.4 billion and that it is planning “major changes” to increase efficiency in the face of a challenging economic climate.

The social networking behemoth also reported that income dropped to $27.7 billion from $29 billion a year earlier as a result of stagnant user numbers and reduced advertising budgets.

In an earnings announcement, Meta CEO Mark Zuckerberg stated, “We’re entering 2023 with a focus on prioritisation and efficiency that will enable us negotiate the current situation and emerge an even stronger company.”

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