Meta's revenue soars 27.26% with record billing of $36.5 billion in Q1 of FY2024

Delhi: Meta, the parent company of Instagram and Facebook, reported a record revenue of $36.5 billion, marking a 27% jump in Q1 of 2024 compared to $28.6 billion in 2023.

Meta reported a significant rise in Q1 profits, driven by increased advertising revenue. Its profits soared in the January-March period, more than doubling to $12.37 billion, compared to $5.71 billion recorded in the same period last year.

Meta reported that the average price per ad increased by 6%.

Mark Zuckerberg, Meta founder and CEO said, "It's been a good start to the year," said. "The new version of Meta AI with Llama 3 is another step towards building the world's leading AI. 

“We're seeing healthy growth across our apps and we continue making steady progress building the metaverse as well," he further added.
        
Meanwhile, Meta reported a 7% YoY increase in the number of users across its apps, averaging 3.24 billion users in March across ita apps.

Additionally, Meta's workforce decreased by 10% YoY, with Zuckerberg. As of March 31, the Silicon Valley tech giant had 69,329 employees, according to the report.