Facebook, WhatsApp, and Instagram are some of the social media platforms that we use to communicate with each other on a daily basis. They are all part of Meta's family of apps.
Meta Platforms Inc. (formerly known as Facebook Inc.) is a social media and technology company founded by Mark Zuckerberg in 2004. The company operates the social networking platform Facebook, as well as other services such as Instagram, WhatsApp, and Messenger. Its platforms have billions of users worldwide, providing an online space for people to connect, share content, communicate, and engage with various communities and businesses.
Various sources report that the company has acquired nearly 100 companies and startups that contribute to its offerings, including through its family of apps.
Disclaimer: The brands may not be limited to the logos on the image and may change. The use of logos are for educational purposes only.
Two segments reported in its financial results are the Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services, while RL includes augmented and virtual reality-related consumer hardware, software, and content.
Financials, share buybacks and dividends
In the first quarter, Meta reported a net income of $5.7 billion and earnings per share (EPS) of $2.20. Daily active people (DAP) and monthly active people (MAP) for its family of services both increased by 5% year-on-year (YoY), while Facebook's monthly active users (MAU) and daily active users (DAU) increased by 2% and 4% YoY, respectively. You can view the full results here.
In its share buyback, an event where a company buys back its own shares, Meta acquired $9.22 billion worth of shares in the first quarter of 2023. It further added that $41.73 billion is available and authorized for repurchase.
Expanding
Meta was formerly known as Facebook. This name was part of the focus shift towards the metaverse. The company also acquired Luxexcel, a company specializing in 3D printing technology for prescription lenses. "We're excited that the Luxexcel team has joined Meta, deepening the existing partnership between the two companies," said a Meta spokesperson to TechCrunch in December 2022.
The deal may enable Meta to produce prescription AR glasses, a product that has long been anticipated to come out of Meta's billions of dollars of investment into its Reality Labs.
In the AI space, the company is working on a product group that will mainly focus on generative AI. Mark Zuckerberg said in a Facebook post that the company will "focus on developing AI personas that can help people in various ways. We're exploring experiences with text (like chat in WhatsApp and Messenger), with images (like creative Instagram filters and ad formats), and with video and multi-modal experiences. We have a lot of foundational work to do before getting to the really futuristic experiences, but I'm excited about all the new things we'll build along the way."
Meta has also been working on a rival for Twitter called Threads. This will be a stand-alone app based on Instagram and integrated with ActivityHub.
Earnings
The company is expected to release its earnings in July 2023. To invest in Meta Platforms Inc, you can click here or head over to your EasyUSD account.