Meta narrowed its cost outlook range for the year, saying expenses could be less than the company forecast in March
, and also beat expectations for first-quarter profit and revenue, which rose for the first time in nearly a year.
AI recommendations increased time spent on Instagram by 24 per cent in the January-March quarter, Meta said. Meta has also kicked off an aggressive cost-cutting drive, with plans to eliminate 21,000 jobs and flatten its middle-management structure as it works towards Zuckerberg’s goal of turning 2023 into the “year of efficiency.”
The social media giant faced a bruising 2022 as a pandemic-era e-commerce boom sputtered, while rivals like TikTok captured young users and Apple Inc’s privacy updates cut access to the user data around which it built its ads business. “Zuckerberg is well aware that his spending habits are being watched very carefully, and any renewed efforts to shift the budget to untested areas won’t go down well,” said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.
Meta narrowed its annual expenses forecast to between $86-billion and $90-billion, down from the $86-billion to $92-billion it had predicted in March, when it announced its second round of layoffs.
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