Meta Hits 200 Million Daily Active Users in Canada and USA

Meta has announced that more than 3 billion people now use at least one of their apps daily, as revealed in today’s Q1 earnings release.

The company said it plans to launch the next-generation Quest headset later this year and bring new AI experiences to users. Meta has reached significant milestones, including 200 million daily active users in the US and Canada and 2 billion daily active users worldwide.

Meta’s Q1 2023 revenue reached $28.65 billion, marking a 3% increase compared to the same period in 2022. The company’s costs and expenses also rose by 10% year-over-year, reaching $21.42 billion. This increase includes $1.14 billion in charges related to restructuring efforts during the quarter.

The company’s daily active people (DAP) across its family of apps reached 3.02 billion in March 2023, a 5% increase year-over-year. Monthly active people (MAP) also grew by 5%, totalling 3.81 billion by the end of March 2023.

Facebook-specific daily active users (DAUs) increased by 4% year-over-year, amounting to 2.04 billion in March 2023, while monthly active users (MAUs) saw a 2% increase, reaching 2.99 billion by the end of the quarter. It’s clear people are still using Facebook (your parents and grandparents?).

Ad impressions delivered across Meta’s family of apps increased by 26% year-over-year, while the average price per ad decreased by 17% over the same period. Capital expenditures, including principal payments on finance leases, totaled $7.09 billion for Q1 2023.

“Reels continues to grow quickly on both Facebook and Instagram. Reels also continue to become more social with people resharing Reels more than 2 billion times every day, doubling over the last six months. Reels are also increasing overall app engagement and we believe that we’re gaining share in short-form video too,” said CEO Mark Zuckerberg on its earnings call.

The company repurchased $9.22 billion worth of Class A common stock during the first quarter and had $41.73 billion available and authorized for future repurchases as of March 31, 2023.

As of the end of Q1 2023, Meta held $37.44 billion in cash, cash equivalents, and marketable securities, with long-term debt at $9.92 billion.

The company’s headcount decreased by 1% year-over-year, reaching 77,114 employees as of March 31, 2023. This figure reflects the removal of employees impacted by the November 2022 layoff and includes those who would be affected by the 2023 layoffs.

Meta CEO Mark Zuckerberg emphasized the company’s strong quarter and the continued growth of its community. He also highlighted the importance of AI work in driving results across Meta’s apps and business, as well as the company’s focus on becoming more efficient to build better products faster and strengthen its long-term vision.

In after-hours trading, Meta’s stock price is up over 11%, as investors are seeing positives in this earnings report.