Facebook has 2.94 billion users and growing revenue

Meta, the parent company of Facebook, has published its financial results for the first quarter of 2022. The group’s main social network continues to climb, to the point of approaching the milestone of 3 billion users.

Meta’s results for the first quarter of 2022

Facebook has 2.94 billion users, up 3% year on year. This is lower than analysts’ expectations, who were hoping for 2.97 billion. If we take only people who connect every day, there are 1.96 billion users, up 4%. Analysts were betting on 1.95 billion. The average revenue per user (ARPU) is $9.54, where the markets were expecting $9.50.

If we take into account all of Meta’s platforms (Facebook, Messenger, Instagram and WhatsApp), there are 3.64 billion users, of which 2.87 billion are daily. In both cases, this is an increase of 6%.

On the finance side, Meta reported revenue of $27.91 billion, up 7% from the same period a year ago. Analysts were hoping for $28.2 billion. The group also had a net profit of 7.47 billion dollars, down 21%. Earnings per share were $2.72, where markets were betting on $2.56.

For the current quarter, Meta expects a turnover between 28 and 30 billion dollars, less than the 30.6 billion dollars expected by analysts. The company says the guidance reflects continued first quarter trends, including weak revenue growth that “coincided with the war in Ukraine”.

“We made progress this quarter on a number of key business priorities and we remain confident in the opportunities and long-term growth that our product roadmap will unlock”said Mark Zuckerberg, CEO of Meta. “More people than ever are using our services today, and I’m proud of how our products serve people around the world”.

Following the publication of the results, the action of Meta jumped 15.59% to 202.22 dollars on the stock exchange in post-session.