Meta reports total revenue is up $32.0 billion in Q2 results

Meta, the parent company of Facebook and Instagram, has revealed it has Q2 earnings update call for the period ending in June 30, 2023.

The total revenue reported was US$32.0 billion, up 11% or 12% on a constant currency basis, while the total Family of Apps revenue was $31.7 billion, up 12% year over year.

The tech company reported the ad revenue from the Family of Apps was $31.5 billion, up 12% or 13% on a constant currency basis.

Meta noted that its community has continued to grow, noting that its Family Daily Active People (DAP) was 3.07 billion - up 7% year on year. Meanwhile, its Family Monthly Active People (MAP) rose 6% year-on-year to 3.88 billion.

In terms of Facebook Daily Active Users (DAUs), Meta reported a rise of 5% year-on-year, to 2.06 billion, and a rise in Facebook Monthly Active Users (MAUs) to +3% year-on-year to 3.03 billion.

Naomi Shepherd, director global business group, Meta ANZ, said: “We’ve had a strong quarter and delivered on a solid roadmap including Llama 2, Threads, Reels, new AI advertising tools, and the launch of Quest 3 coming later this year.

"Our Family of Apps continue to grow, and we’re pleased to see consumer and business engagement in Australia track consistently with our global results. We are committed to working with our local customers to help them get the most out of our platform as our offerings and tools continue to evolve."

Mark Zuckerberg, chief executive officer of Meta, noted that there are now more than 3.8 billion people who use at least one of the company's apps every month. He added that Facebook now has more than 3 billion monthly actives - with daily actives continuing to grow around the world, including in the US and Canada.

Zuckerberg also used the earnings call to share his remarks on AI Recommendations, Business Messaging and Metaverse.

The Q2 earnings update comes after went through its third and final round of job cuts, focusing on its business and operations units back in May.

The job cuts included marketing, site security, enterprise engineering, program management, content strategy, and corporate communications, as well as the tech giant’s privacy and integrity units, according to Reuters.

Read more: Meta begins third and final round of job cuts in a bid to improve its financial performance