Meta Platforms, Inc. META CEO Mark Zuckerberg has expressed satisfaction with the company’s social media platform, and Facebook’s progress among young adults, contradicting the prevailing public narrative.
What Happened: On Wednesday, during Meta’s second-quarter earnings call, Zuckerberg highlighted the growth of Meta’s user base, which now exceeds 3.2 billion daily users across its apps.
He spoke about the company’s success in the U.S., with WhatsApp reaching over 100 million monthly active users and year-over-year growth across Facebook, Instagram, and Threads.
“I’m particularly pleased with the progress that we’re making with young adults on Facebook. The numbers we are seeing, especially in the U.S., really go against the public narrative around who’s using the app,” Zuckerberg said.
Meta’s CFO Susan Li also noted the company’s healthy growth in young adult app usage in the U.S. and Canada. She pointed out that features like Groups and Marketplace have gained particular traction with this demographic.
“Building products with young adults in mind has been a core priority area for the Facebook team in recent years, and we’ve been very encouraged to see these efforts translate into engagement growth with this cohort,” she stated.
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Why It Matters: Meta reported revenue of $39.07 billion, surpassing analyst estimates of $38.31 billion in the second quarter. This marked the sixth consecutive quarter where Meta beat analyst estimates on the top and bottom lines.
Earlier in the year, Tesla CEO Elon Musk had mocked Meta’s advertising system, likening sharing a Facebook link to using an AOL email address. This was in response to reports about advertisers complaining about glitches on Meta’s platform.
Musk’s criticism of Facebook began long before he acquired Twitter in 2022. He has previously voiced his disdain for Facebook and urged people to delete their accounts.
However, in a surprising turn of events, Musk’s company Tesla reactivated its presence on Facebook after a six-year absence in March 2024.
Price Action: Meta shares jumped 7.17% in after-hours trading, reaching $508.87 at the time of writing. The regular session on Wednesday ended with a 2.51% increase, closing at $474.83, according to Benzinga Pro.
Photos courtesy: Shutterstock
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