Meta profits shot up 16% with $7.7 billion in the second quarter said the tech giant as it released its earnings report today. Revenue saw an uptick of 11%, standing at $32 billion.

In Q2, Meta’s ad impressions delivered across its Family of Apps increased by 34% year-over-year and the average price per ad decreased by 16% year-over-year.

Meta's ad revenue stands at $31.5 billion in Q2 compared to $28.2 billion in the same quarter last financial year.

DAP was 3.07 billion on average for June 2023, an increase of 7% year-over-year.  MAP was 3.88 billion as of June 30, 2023, an increase of 6% year-over-year. DAUs were 2.06 billion on average for June 2023, an increase of 5% year-over-year. MAUs were 3.03 billion as of June 30, 2023, an increase of 3% year-over-year.

Total costs and expenses were $22.61 billion, an increase of 10% year-over-year. This includes accrued legal expenses of $1.87 billion and restructuring charges of $780 million in the second quarter of 2023.

The year also saw a large lay offs at Meta with the headcount standing at 71,469 as of June 30, 2023, with a 14% decrease in workforce year-over-year. “Approximately half of the employees impacted by the 2023 layoffs are included in our reported headcount as of June 30, 2023,” said the company.

"We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall," said Mark Zuckerberg, Meta founder and CEO.