Meta’s ad revenue bounces back but Snap slumps further amid digital slowdown

An overview of Big Tech’s Q1 2023 earnings.

Meta reported strong ad revenue in the first quarter of 2023 and returned to growth for the first time since Q2 2022, while Alphabet’s ad revenue remains in decline and Snapchat slumped further. Amazon and Spotify’s ad revenue maintained double-digit growth in the past quarter. 

After its first year-on-year ad revenue decrease in a decade back in Q2 2022, Meta has defied three-quarters of consecutive revenue decline and reported growth (4.1%) in Q1 2023, reaching $28.1bn. 

As Meta continues mass layoffs as part of its “year of efficiency”plan, the company, which owns Instagram and...

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