Mark Zuckerberg

It’s been a wobbly time for some big tech companies, but the money is still rolling in at Facebook’s parent company Meta. It posted revenues of $27.91bn in the first quarter of 2022, up 7% year-on-year.

However, operating profits dipped by 25%, albeit still clocking in at $8.52bn for the quarter. Meta ended Q1 with 3.64 billion monthly active users (MAUs) across its family of services, up 6% year-on-year, with 2.87 billion of them daily active users (DAUs).

As for Facebook specifically, the social network saw its MAUs grow by 3% to 2.94 billion, and its DAUs grow by 4% to 1.96 billion. The company now employs more than 77,800 people.

In its earnings call, CEO Mark Zuckerberg offered some new numbers on short video. “Reels already makes up more than 20% of the time that people spend on Instagram. Video overall makes up 50% of the time that people spend on Facebook, and Reels is growing quickly there as well,” he said.

Zuckerberg also admitted that there are “headwinds from the shift to short-form video… In the near-term this is a drag on revenue because Reels monetization is less than feed or Stories, but I expect that will improve over time.”

A problem that YouTube is also grappling with at the moment as Shorts account for a greater percentage of its viewing time, incidentally.

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