Meta, the parent company of Facebook, has announced that its flagship social network has surpassed a staggering milestone of 3 billion monthly active users. The news was revealed in Meta’s second-quarter financial results, emphasizing the platform’s continued relevance despite concerns over plateauing growth. The company’s “family of apps,” which includes Instagram, WhatsApp, and Messenger, also performed admirably, boasting a combined user base of 3.88 billion, covering almost half of the world’s population.
The quarter proved to be a resounding success for Meta, with an impressive 11 per cent increase in revenue ($32 billion) primarily driven by advertising and a notable 16 per cent improvement in net income ($7.8 billion). Investors cheered the news, leading to a nearly 5 per cent surge in Meta’s stock during after-hours trading.
Debra Aho Williamson, a principal analyst at Insider Intelligence, lauded Meta’s ability to turn around its business and acknowledged its formidable presence in the digital advertising space. However, she cautioned that Meta may face challenges in the future, citing threats from TikTok and Amazon and the unproven potential of its metaverse and AI ventures.
Meta’s CEO, Mark Zuckerberg, exuded enthusiasm during the announcement, highlighting the company’s plans for the future. He emphasized that the metaverse, virtual reality projects, and artificial intelligence remain significant priorities for the company. Notably, the new text-based app Threads, which closely resembles Twitter, has been receiving encouraging feedback and engagement. Zuckerberg revealed that Threads garnered an astounding 100 million users within just five days of its launch, and its daily active users continue to grow at an impressive rate.
“I think we have the most exciting roadmap ahead that I’ve seen in a while,” Zuckerberg remarked, signaling confidence in Meta’s upcoming endeavors. He acknowledged that despite the incredible growth, the company faces challenges, but thanks to the momentum of the stellar Q2 performance, they are in a solid position to tackle them head-on.
Facebook’s continued growth, especially in daily active users, is noteworthy, with a current count of 2.064 billion daily users, representing a crucial turnaround from the decline reported in the final quarter of 2021. Meta attributes this growth partly to the popularity of Reels which is heavily promoted across Instagram and Facebook, boasting a remarkable 200 billion plays per day across the family of apps.
