Meta’s report on the first quarter highlights the growth in the number of daily active Facebook users.
This marks a turnaround for the company after it lost billions in market value for the first time following a drop in users.
“More people use our services today than ever before, and I’m proud of how our products are serving people around the world,” said Mark Zuckerberg, CEO of Meta.
Meta’s revenue in the first three months of the year rose only 7% to $27.9 billion but still fell 20% year-on-year.
Meta’s expected revenue in the coming months is between $28 billion and $30 billion, below analysts’ estimates.
While Meta faces stiffer competition from newer platforms like TikTok, a new privacy policy from Apple has made it more difficult for the company to target advertising.
One of the strategies Zuckerberg sees to solve Meta’s advertising problem is to invest in its video “Reels” which will help the company’s platforms compete with TikTok.
For the next phase of growth, Zuckerberg said the company would invest heavily in artificial intelligence and virtual reality.