Facebook parent company, Meta, has set a new quarterly profit record, beating all market forecasts.
According to the news agency Reuters, Meta said. It made a profit of $7.8 billion on revenue of $32 billion in the recently completed quarter.
During this time, the number of monthly users on Facebook has increased to more than three billion.
On Wednesday, the Meta Company announced that its advertising revenue had grown significantly.
This is topping Wall Street’s financial targets and forecasts for the second quarter. And the company is expect to earn even more in the third quarter.
Meta’s earnings and profit figures come a day after Google announced a huge improvement in advertising.
Technology companies in the digital world are showing excellent earnings at a time when the world is showing fears of an economic slowdown and recession.
Metta has said that the company’s expenses will increase this year and next year, 2024, due to legal fees and spending on infrastructure to compete in the field of artificial intelligence.
The spending follows cost-cutting in other parts of the company, including security teams and core business functions.
Meta’s shares rose 7.5 percent on the stock exchange after the profit hike was announce.
The company’s chief executive, Mark Zuckerberg, said, “We continue to see users being active in our apps, and we have a great roadmap that will bring artificial intelligence products along with Llama 2, Threads, and Rails.” And Quest 3 is also being launch in the fall.
During the second quarter of this year, which ended June 30 last month, Meta’s revenue rose 11 percent to $32 billion, compared to market analysts’ expectations of $31 billion.