Meta Q2 Profit Falls 14% Amid Legal and Severance Costs

Meta, the company that owns Facebook and Instagram, made less money in the second quarter than it did last year.

Even though it earned more money overall, the extra costs from lawsuits and paying people who were laid off made its profit smaller.

The company spent $42 billion in total, which is 55% more than a year ago.

Its revenue, the money it brings in, grew by 28% to $60.8 billion.

The number of people who use its apps every day went up a little, to 3.6 billion.

Meta's boss, Mark Zuckerberg, said that artificial intelligence is helping the company grow and that he is hopeful about the future.

Meta expects next quarter's revenue to be between $61 billion and $64 billion, a bit lower than what analysts predicted.

The company has about 75,000 employees, including about 8,000 who were recently laid off.

The company will report updated employee numbers in its third‑quarter results.