Facebook joins the big tech bounce back as owner Meta’s revenues jump

Facebook boss Mark Zuckerberg hailed another ‘good quarter’ as big tech continues its bounce back. 

Parent company Meta said revenues for the three months to June hit £24.6billion, up by 11 per cent from the same period last year. 

Profits climbed 16 per cent to £6billion. Both were just above analyst expectations of £24billion and £5.9billion respectively.

Facebook boss Mark Zuckerberg hailed another ‘good quarter’

This stands in stark contrast to the social media giant hug slump last year as it struggled with growth, driven by the rising competition from TikTok and the withdrawal of spending from advertisers. 

Founder and chief executive Zuckerberg said: ‘We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I’ve seen in a while with Llama 2, Threads, Reels, AI products in the pipeline, and the launch of Quest 3.’ 

Meta, the owner of Instagram and Whatsapp, announced 21,000 job losses earlier this year, and said its headcount was now 71,469, a 14 per cent decrease year-over-year.

Zuckerberg has said he was planning to ‘cut projects that aren’t performing or may no longer be as crucial’. 

Meta expects the coming quarter to be even more upbeat as advertisers boost spending. It launched a rival social media firm to Twitter earlier this month called Threads. Apple and Amazon both post results today.