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Meta Platforms:Quarterly Results/2023 Q1: Difference between revisions
Meta Platforms:Quarterly Results/2023 Q1 (view source)
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* FY 2023 capital expenditure outlook remains unchanged at $30-33 billion to reflect its "ongoing build out of AI capacity to support ads, Feed and Reels, along with an increased investment in capacity for our generative AI initiatives." | * FY 2023 capital expenditure outlook remains unchanged at $30-33 billion to reflect its "ongoing build out of AI capacity to support ads, Feed and Reels, along with an increased investment in capacity for our generative AI initiatives." | ||
* Meta said it expects Reality Labs losses to increase y/y in 2023. | * Meta said it expects Reality Labs losses to increase y/y in 2023. | ||
== Earnings Call Insights == | |||
=== Efficiency === | |||
* Management to continue championing for efficiency in the business. Mark Zuckerberg said, " Even as our financial position improves, I continue to believe that slowing hiring, flattening our management structure, increasing the percent of our company that is technical, and more rigorously prioritizing projects will improve the speed and quality of our work." | |||
=== Performance of Reels === | |||
Reels performed very well during the quarter as proven by the following figures. | |||
* Reels are being shared more than 2 billion times each day, doubling over the last six months. | |||
* Since launching Reels, AI recommendations have driven a more than 24% increase in time spent on Instagram. | |||
* Reels monetization efficiency is up more than 30% on Instagram and over 40% on Facebook quarter-over-quarter. | |||
=== Performance of Advantage+Shopping === | |||
* Advantage+ Shopping is also doing well as Zuckerberg noted in the call that, "daily revenue from Advantage+ Shopping Campaigns is up 7x in the last six months." | |||
=== Focus on Metaverse === | |||
* Meta will continue to focus on Metaverse. Zuckerberg said in the call, " A narrative has developed that we're somehow moving away from focusing on the metaverse vision, so I just want to say upfront that that's not accurate. We've been focusing on both AI and the metaverse for years now, and we will continue to focus on both." | |||
* However, Zuckerberg didn't spend much time talking about Metaverse unlike in the past. | |||
=== Investment on AI === | |||
* Zuckerberg spend more time talking about AI than Metaverse. | |||
* He noted that they are no longer behind in AI infrastracture but that they will continue investing on it. Zuckerberg said they will "have a better idea of the trajectory of that investment later in the year" once they gauge the performance of their new products. | |||
* | |||
== Guidance and Earnings Expectations == | == Guidance and Earnings Expectations == | ||