Meta reports revenue growth; Zuckerberg credits Reels
April 27, 2023
Meta reported a 3% year-on-year revenue growth in the first quarter of 2023.
Mark Zuckerberg has credited Reels for this growth and its continuously increasing engagement.
Zuckerberg said that time spent on Instagram had risen by 24% since the company launched its short-form video product Reels.
"Reels also continue to become more social with people resharing Reels more than 2 billion times every day, doubling over the last six months," he said.
He has mentioned how AI has contributed to this growth by helping to push Reels videos to users.
Meta said that monthly active users on the company's family of apps rose by about 5% year-on-year to over 3.8 billion.
Meta reported first-quarter revenues of $28.6 billion, up 3% year-on-year surpassing FactSet analysts' expectations of revenues of $27.7 billion.