Meta revenue grows as quarterly costs rise

Meta’s 26 April results show first-quarter revenue rising 3% year-on-year to US$28.65 billion, while net income falls 24% to US$5.71 billion. Ad impressions increase 26%; average price per ad falls 17%.

Photo: LPS.1, “Meta Platforms Headquarters Menlo Park California” (2022). CC0 1.0. Resized; cropped; responsive crops.

The March expense forecast was US$86–92 billion for 2023, including US$3–5 billion in restructuring costs.

The new range is US$86–90 billion: the upper limit falls US$2 billion, while the lower limit stays put. Expected capital spending remains US$30–33 billion, with Meta citing AI infrastructure investment.

Quarterly costs nevertheless rise 10% year-on-year to US$21.42 billion, including US$1.14 billion in restructuring charges. A lower annual forecast doesn’t establish that current costs have already fallen.

Meta also expects Reality Labs’ operating losses to increase this year.

Related: March’s expense outlook.