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Tuesday, April 16, 2024
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Facebook Sees Revenue Spike, Looks to Metaverse

  • Facebook saw a year-over-year revenue increase of 56% in the second quarter, on the strength of higher advertising prices.
  • CEO Mark Zuckerberg touted the company's initiatives around the "metaverse."
Jefferson Graham-USA TODAY/Design: John Regula

Facebook’s next phase is coming into focus.

The company posted $29 billion in revenue in Q2, a 56% jump from the same period last year. Net income doubled to $10.4 billion.

The growth was driven by ad prices increasing by 47% year-over-year. Monthly active users grew 7% year-over-year to 2.9 billion — 36.7% of Earth’s population.

CEO Mark Zuckerberg said he’s excited for the company to “bring the vision of the metaverse to life,” referring to the virtual world that ties together major Facebook properties including its Oculus VR system and its cryptocurrency Libra.

Facebook is using Oculus to make a play in the fitness space. 

  • The company rolled out Oculus Move, a program that tracks physical activity across Oculus apps and games, in November. 
  • Earlier this week, a developer noticed code in Oculus’ software that suggests a possible integration with Apple Health.

The ubiquitous social network has shifted its sports strategy away from media rights to major leagues, such as MLB and LaLiga. 

Facebook has instead moved toward a pay-per-view model for live streaming niche sports. Major Arena Soccer League and the Challenge Miami Triathlon have both broadcast events on the platform.

Editor’s note: Facebook is an FOS partner.

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