Meta Platforms, Inc. has reported its financial results for the quarter ended March 31, 2023.
Q1 total revenue was $28.6 billion, up 3% or 6% on a constant currency basis. Had foreign exchange rates remained constant with Q1 of last year, total revenue would have been about $816 million higher.
“We had a good quarter and our community continues to grow,” said Mark Zuckerberg, Meta founder and CEO. “Our AI work is driving good results across our apps and business. We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long term vision.”
Will Easton, managing director Meta Australia and New Zealand said “Like Meta’s broader business, user engagement in Australia is at an all time high, driven by our investments in AI recommendations and ranking systems.
“As we invest in new ad tech, we’re also hearing feedback from Australian advertisers that ad performance and return on advertising spend continues to grow, delivering meaningful returns for their businesses.”
Meta first quarter 2023 financial highlights
• Family daily active people (DAP) – DAP was 3.02 billion on average for March 2023, an increase of 5% year- over-year.
• Family monthly active people (MAP) – MAP was 3.81 billion as of March 31, 2023, an increase of 5% year-over- year.
• Facebook daily active users (DAUs) – DAUs were 2.04 billion on average for March 2023, an increase of 4% year-over-year.
• Facebook monthly active users (MAUs) – MAUs were 2.99 billion as of March 31, 2023, an increase of 2% year- over-year.
• Ad impressions and price per ad – In the first quarter of 2023, ad impressions delivered across our Family of Apps increased by 26% year-over-year and the average price per ad decreased by 17% year-over-year.
• Revenue – Revenue was $28.65 billion, an increase of 3% year-over-year, and an increase of 6% year-over-year on a constant currency basis.
• Costs and expenses – Total costs and expenses were $21.42 billion, an increase of 10% year-over-year. This includes charges related to our restructuring efforts of $1.14 billion in the first quarter of 2023.
• Capital expenditures – Capital expenditures, including principal payments on finance leases, were $7.09 billion for the first quarter of 2023.
• Share repurchases – We repurchased $9.22 billion of our Class A common stock in the first quarter of 2023. As of March 31, 2023, we had $41.73 billion available and authorized for repurchases.
• Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $37.44 billion as of March 31, 2023.
• Long-term debt – Long-term debt was $9.92 billion as of March 31, 2023.
• Headcount – Headcount was 77,114 as of March 31, 2023, a decrease of 1% year-over-year. Substantially all employees impacted by the layoff announced in November 2022 are no longer reflected in our reported headcount as of March 31, 2023. Further, the employees that would be impacted by the 2023 layoffs are included in our reported headcount as of March 31, 2023.