Meta Platforms, the parent company of Facebook, experienced its first sales growth in almost a year, with Q1 revenue of $28.6B, up 3% YoY.
The increase is attributed to Meta's advertising business improvements, including its short-form video product Reels.
After-hours trading saw a more than 12% increase in shares as the company also predicted that second-quarter revenue might top $32B.
- Mark Zuckerberg, CEO of Meta, anticipates that generative AI will impact all of Meta's products and services and plans to use the technology in an open-source manner.
- The technology giant laid off 10,000 workers in three waves, and the restructuring charges affected the operating margin in Q1.
- Zuckerberg has called 2023 the "year of efficiency."
- Quest virtual reality headset manufacturer Reality Labs, a subsidiary of Meta, reported a $4B operating deficit.
