Meta Quarterly Profit More Than Doubles

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A quarterly report from Meta, found that its profit more than doubled from last year’s figure to $11.6 billion as ad revenue climbed. Its “family” of apps was 3.96 billion strong in the third quarter of 2021 – a 7% increase from the same period in 2022. This surge was credited to the rippling effects of the cost-cutting measures the company began implementing in 2022, showing that META’s efficiency strategy paid off in the long-term.

It was not all good news however, dozens of states, both in the United States and abroad, have accused Meta of exploiting younger users by creating a business model targeted to keep users on their platforms for longer times, an increase in personal profits at the expense of their mental well-being. In total, more than 40 states are now suing Meta.

Meanwhile, the European Union has ordered Meta to explain the measures they took against ‘illegal content and disinformation’ stemming from recent escalations in the Middle East. Meta says it is in compliance with the directive.

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Robert Wilson author
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