Shulou(Shulou.com)11/24 Report--

Beijing time on April 27 news, Facebook parent company Meta (NASDAQ: META) today released the first quarter of fiscal year 2023 ended March 31 financial results. Meta's total revenue for the first quarter was $28.645 billion, up 3% from $27.908 billion a year earlier; net profit was $5.709 billion, down 24% from $7.465 billion a year earlier, with a loss of $3.992 billion from its business.

MetaMeta's first-quarter revenue unexpectedly increased year-over-year, reversing the decline in the previous three quarters, and the outlook for the second quarter was better than expected, driving the stock price to rise more than 11% in after-hours trading.

Share price performance:

Meta shares rose 11.65% in after-hours trading. Meta opened Wednesday at $212.50 on the Nasdaq Stock Exchange. Meta shares rose $1.85, or 0.89 percent, to close Wednesday at $209.40. Meta shares rose $24.40, or 11.65 percent, to $233.80 in after-hours trading as of 17:44 EST Wednesday (5:44 GMT Thursday). Meta shares have traded as high as $224.30 and as low as $88.09 over the past 52 weeks.

Key points of operation in the first quarter: -In March 2023, the average number of family daily active persons (DAP) was 3.02 billion, up 5% year-on-year;

- As of March 31, 2023, the monthly active population (MAP) of families was 3.81 billion, up 5% year-on-year;

- In March 2023, the average daily active user (DAU) of Facebook was 2.04 billion, up 4% year-on-year;

- As of March 31, 2023, Facebook's monthly active users (MAU) were 2.99 billion, up 2% year-on-year;

Ad impressions on app families increased 26% year-over-year, while the average price per ad decreased 17% year-over-year.

First quarter financial results: --Total revenue was $28.645 billion, up 3% from $27.908 billion in the same period last year;

Advertising revenue was $28.101 billion, up 4% from $26.998 billion a year earlier;

·The Reality Lab segment responsible for Metaverse revenue was $339 million, down 51% from $695 million in the same period last year; operating loss was $3.992 billion, up 35% from $2.960 billion in the same period last year;

--Total costs and expenditures were $21.418 billion, up 10 percent from $19.384 billion in the same period last year;

--Operating profit was US$7.227 billion, down 15% from US$8.524 billion in the same period last year; operating margin was 25%, down 6 percentage points from 31% in the same period last year;

- Net profit was US $5.709 billion, down 24% from US $7.465 billion in the same period last year;

Diluted earnings per share were $2.20, down 19% from $2.72 a year earlier;

Meta held cash, cash equivalents and marketable securities totaling $37.44 billion as of March 31, 2023.

--Meta had 77,114 employees as of March 31, 2023, down 1% year-on-year. Of these, almost all employees affected by the layoffs announced in November 2022 are no longer reflected in the total number of employees. Employees affected by layoffs in 2023 are also included in this earnings report.

As of March 31, 2023, Meta has substantially completed its 2022 layoffs while continuing to evaluate its facility consolidation and data center restructuring plans. Meta incurred additional pre-tax restructuring charges of $621 million in the first quarter of 2023. In March 2023, Meta announced three rounds of layoffs to further downsize the company, cutting about 10,000 jobs in the application family and reality lab divisions. Meta expects to incur approximately $1 billion in pre-tax severance payments and related personnel costs, of which $523 million will be recognized in the first quarter of 2023 and the remainder will be recorded at a large scale by the end of 2023.

Second quarter outlook: Meta expects total revenue in the second quarter of fiscal year 2023 to be between $29.5 billion and $32 billion, taking into account that foreign exchange rates create less than 1% resistance to year-on-year growth in total revenue; total expenses in fiscal year 2023 will be between $86 billion and $90 billion, including restructuring expenses related to facility consolidation expenses, severance payments and other personnel expenses of $3 billion to $5 billion; Capital expenditures will range from $30 billion to $33 billion, maintaining previous expectations.

CEO Mark Zuckerberg said: "We had a good quarter and our community continues to grow. Our work on AI is driving good results for our applications and business. We are also becoming more efficient so we can develop better products faster and position ourselves better to achieve our long-term vision. "

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