Key takeaways from Meta Q2 2023 Earnings Report

The Meta Q2 2023 report highlights the active usage of apps owned by Meta, the network’s standing in terms of revenue generated, and an important update on the company’s massive layoffs that began in 2022.

Meta has released its revenue report for Q2 2023, which shows that Meta's daily active usage is driven by 3.07 billion people on average, an increase of 7% year-over-year.

Beginning in 2022, Meta initiated several measures to realign the business and strategic priorities. As of June 30, 2023, Meta states it has substantially completed planned employee layoffs but continues to assess facilities consolidation and data center restructuring initiatives.

Mark Zuckerberg, Founder & CEO, Meta said, "We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall."

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Key Takeaways

• Family daily active people (DAP) was 3.07 Bn on average for June 2023, an increase of 7% year-over-year
• Family monthly active people (MAP) was 3.88 Bn as of June 30, 2023, an increase of 6% year-over-year
• Facebook daily active users (DAUs) were 2.06 Bn on average for June 2023, an increase of 5% year-over-year
• Facebook monthly active users (MAUs) were 3.03 Bn as of June 30, 2023, an increase of 3% year-over-year
• Ad impressions and price per ad – In the second quarter of 2023, ad impressions delivered across our Family of Apps increased by 34% year-over-year and the average price per ad decreased by 16% year-over-year
• Revenue was 32.0 Bn USD an increase of 11% year-over-year, and an increase of 12% year-over-year on a constant currency basis
• Total costs and expenses were 22.61 Bn USD an increase of 10% year-over-year This includes accrued legal expenses of 1.87 Bn USD and restructuring charges of 780 Mn in the second quarter of 2023
• Capital expenditures, including principal payments on finance leases, were 6.35 Bn USD for the second quarter of 2023
• Meta repurchased 793 Mn USD of Class A common stock in the second quarter of 2023. As of June 30, 2023, the company had 40.91 Bn USD available and authorized for repurchases.
• Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were 53.45 Bn USD as of June 30, 2023. Free cash flow was 10.96 Bn USD in the second quarter of 2023
• Long-term debt was 18.38 Bn USD as of June 30, 2023
• Headcount was 71,469 as of June 30, 2023, a decrease of 14% year-over-year. Approximately half of the employees impacted by the 2023 layoffs are included in the reported headcount as of June 30, 2023.