Meta Platforms reported a 22% increase in revenue to $47.5 billion for Q2 2023, surpassing the expected $44.8 billion. The growth stemmed from a 6% rise in users, 11% more ad impressions, and a 9% increase in ad prices. CEO Mark Zuckerberg attributed the success to AI investments, noting significant improvements in ad conversion rates. The company's operating margin improved to 43%, and earnings per share increased to $7.14. Meta anticipates strong continued growth with expected revenues between $47.5 billion and $50.5 billion for Q3.
Meta Platforms' robust earnings for the second quarter showcased a 22% revenue increase to $47.5 billion, boosting its stock significantly.
AI investments drove improvements in Meta's ad business, resulting in 5% more ad conversions on Instagram and 3% more on Facebook.
Operating margins expanded from 38% to 43%, and earnings per share rose to $7.14, surpassing analyst expectations.
Meta forecasts continued strong growth with expected third-quarter revenues between $47.5 billion and $50.5 billion, exceeding market consensus.
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