Meta Earnings, The Holes in Tech’s “Flattening” Job Cuts Theory (Daily Update)
Hello everyone. We wrap up the week with Meta’s 1Q23 earnings. Neil goes over the positives and negatives from the report. Meta continues to experience quite the rebound in expectations. With job cuts and expense reductions at the top of Meta’s considerations, Neil’s attention turned back to a recent article from the Financial Times trying to explain the significant number of job cuts in tech land. Neil has a few issues with the FT’s theory.
Let's jump right in.
Meta Earnings
This past Tuesday, Meta reported 1Q23 earnings.
Here is an earnings recap table highlighting some of Meta's key financial numbers:
(click / tap table to enlarge)
Note: Results reflect $1.1B of restructuring charges.
Key data points from the quarter included:
More than 3 billion people use at least one Meta property (app) daily.
Facebook has 200 million daily actives in the U.S. and Canada / 2 billion daily actives worldwide.
Reels (Meta's TikTok competitor) resharing hit 2B times every day, doubling over the last six months.
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