Meta (formerly Facebook) has posted revenue of $28.65 billion, an increase of 3 per cent year-over-year and beating Wall Street expectations in its March quarter, as the company still vouches for Metaverse.

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The family daily active people (DAP) across its family of apps were 3.02 billion on average for March 2023, an increase of 5 per cent while family monthly active people (MAP) were 3.81 billion, also an increase of 5 per cent.

Facebook had 2.04 billion daily active users (DAUs), an increase of 4 per cent.

“We had a good quarter and our community continues to grow.Our AI work is driving good results across our apps and business. We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long term vision,” said Mark Zuckerberg, Meta founder and CEO.

However, Meta Reality Labs (AR-VR division) lost nearly $4 billion in the March quarter and in 2022, it lost $13.7 billion.

“Our vision for AR glasses involves an AI-centric operating system that we think will be the basis for the next generation of computing,” Zuckerberg told analysts on the earnings call late on Wednesday.

Meta expects second quarter 2023 total revenue to be in the range of $29.5-32 billion.

“We anticipate our full-year 2023 total expenses will be in the range of $86-90 billion, updated from our prior outlook provided in March,” said Meta.

This outlook includes $3-5 billion of restructuring costs related to facilities consolidation charges and severance and other personnel costs.

“We continue to expect Reality Labs operating losses to increase year-over-year in 2023,” it added.