Mark Zuckerberg, the CEO of Meta, wanted to see this year as the year of efficiency. His vision is getting accomplished with a record quarterly revenue for Meta in the third quarter. Looking at the figures, it’s a splendid 23% growth in revenue.

On 25 October 2023, Meta came up with a report showing a whopping $34.15 billion in revenue in the third quarter. It is beyond the estimation made by Wall Street.

There is also a sharp rise in terms of the profit. Meta has recorded a profit margin of $11.6 billion, almost three times in comparison to the profit of $4.4 billion last year.

Along with a spike in the revenue and profit margins, there has been a remarkable growth in the number of users of the Metaverse. The development is very prominent in specific markets. For example, Meta now has approximately 3.14 billion users in the United States and Canada. When compared, it’s a straight 7% rise from the number of users in the specific countries last year.

So, what are the factors promoting success for Meta? The most prominent factor behind the rise is, of course, the rejuvenation of digital ads. However, two other important factors behind this remarkable growth are the efficiency of the operations and cost-cutting.

In this regard, Jesse Cohen, senior analyst at Investing.com, said,

“The company may be starting to come out of the woods as the Mark Zuckerberg-led company continues to focus on improving operating efficiency.”

In addition, when the post-pandemic era hit Meta, it reduced its workforce by one-third and flattened the organizational structure. Thus, it could reduce its expenditure, generating revenue and profit growth.

However, amidst careful spending and the uncertainties caused by the war in the Middle East, Meta enjoys complete support from Mark Zuckerberg. The CEO continues to invest heavily in the platform, and the efforts are bridging results in terms of the record quarterly revenue for Meta. 

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• The european union asks meta to actively manage misinformation around the israel war