Apr 26, 2023
Facebook shows signs of revival after slump
Meta, the parent company of Facebook, Instagram and WhatsApp, said revenue grew 3% in the first three months of 2023, compared with the same period a year earlier. He has declared 2023 a "Year of efficiency", announcing thousands of job cuts in recent months. These moves came after the firm struggled with revenue declines last year in the face of increased competition from TikTok, privacy changes at Apple and a general slump in advertising spending. Debra Aho Williamson, principal analyst at Insider Intelligence, said this year was off to a "Stronger than expected start" and that the firm's forecast for coming months suggested it may "Be starting to come out of the woods". Meta said it brought in revenue of $28.6bn over the three months ended in March - its first quarterly growth in nearly a year.
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