• Facebook reached over 3 billion active users worldwide by June 30, a 6% increase from the previous year.
• Meta’s “Year of Efficiency” initiative resulted in a substantial reduction of its workforce.
• Meta’s quarterly revenue exceeded Wall Street’s expectations, resulting in a significant increase in its stock price.

In its recent second-quarter results, Facebook announced a remarkable milestone: reaching over three billion active users worldwide by June 30. This signifies a significant 6% increase from the previous year and showcases four consecutive quarters of user growth.

Despite the overall positive growth trend, Facebook faced concerns when it experienced a decline in daily active users during the last quarter of 2021, marking the first time in the platform’s history.’

Most of the new users on Facebook come from regions outside the US and Canada, indicating possible market saturation in those areas. While the US and Canada saw a modest increase of around one million monthly active users, Europe experienced a decline of two million. On the other hand, the Asia-Pacific region and the rest of the world witnessed significant growth, with approximately 25 million and 16 million new monthly active users, respectively.

Meta, the parent company of Facebook, oversees a collection of popular apps, including Instagram, WhatsApp, Messenger, and Threads. As of the end of June, these apps collectively reached an astounding nearly 3.9 billion monthly active users, marking the highest number ever reported for Meta’s app ecosystem.

As part of its “Year of Efficiency” initiative, Meta carried out multiple rounds of layoffs, resulting in a substantial reduction of its workforce by 24%. This downsizing ranks as the second-largest among tech giants, with Twitter (now called X) being the only company that surpasses it, having laid off 80% of its employees since October.

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During Q2, Meta achieved remarkable financial performance, reporting quarterly revenue of $31.9 billion, an 11% rise from the previous year. This revenue exceeded Wall Street’s expectations, which had predicted earnings of $31.1 billion, resulting in a significant 6.84% increase in Meta’s stock price during after-hours trading.

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