Facebook (META) forecasts Q2 2023 revenues above analyst expectations
Following a beat on the current fiscal quarter revenue and earnings-per-share, Meta raised its revenue guidance for Q2 2023.
Meta (formerly known as Facebook) had itself a solid Q1 2023. The company was able to claim satisfactory stats in both revenue and earnings-per-share (EPS) in its first fiscal quarter of the year. With a successful first quarter in the books, Meta is feeling strong about its next quarter. It has raised guidance well over expectations of analysts for Q2 2023.
Meta posted its raised guidance in its Q1 2023 earnings results report posted on its investor relations website on April 26, 2023. Estimates previously placed guidance for Meta’s Q2 2023 revenue at $29.5 billion USD. However, following the success of Q1 2023, Meta is raising its revenue guidance to $29.5 billion at a minimum, with a maximum expectation ending up forecasted at $32 billion overall.
“We had a good quarter and our community continues to grow," said Meta CEO Mark Zuckerberg. "Our AI work is driving good results across our apps and business. We're also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long term vision.”
This echoes sentiments Mark Zuckerberg has shared in the past about Meta’s fiscal 2023 being the company’s “Year of Efficiency”. That has included cutting costs and laying off employees throughout the company. It also includes continued losses at Meta Reality Labs, which lost $3.99 billion in Q1 2023, following a trend the company expects will continue through this year.
Nonetheless, Meta seems to feel confident in its services going into the rest of 2023. We’ll see if it panned out as expected in Q2 for the company. In the meantime, stay tuned for more tech company end-quarter reporting right here at Shacknews.
TJ Denzer posted a new article, Facebook (META) forecasts Q2 2023 revenues above analyst expectations