Meta’s revenue for the quarter exceeded analysts’ forecasts and reached $32 billion

Meta reported Q2 earnings and revenue that beat analysts’ expectations. This is reported by CNBC.

The company earned $2.98 per share, compared with Refinitiv’s forecast of $2.91 per share. The company’s revenue reached $32 billion, versus $31.12 billion expected by Refinitiv.

In the current quarter, the company expects to receive revenue in the amount of $32-34.5 billion. Instead, Refinitiv analysts expect that Meta’s revenue in the III quarter will be $31.3 billion.

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

Meta said that its total expenses in the II quarter amounted to $22.61 billion, which is 10% more compared to the same period last year. The company forecasts capital expenditures for 2023 in the amount of $27-30 billion, which is lower than the previous estimate of $30-33 billion.

Meta previously announced that it opens its big language model LLaMA 2, making it free for commercial and research use. In doing so, the company is keeping pace with OpenAI’s free GPT-4, which underlies tools such as ChatGPT and Microsoft’s Bing.