Meta & Amazon Report Surging Profits; Threads Users Rise to 130 Million; YouTube Remains Online Video Leader

by Aimee Newell Tarín on 5th Feb 2024 in News

On today’s ExchangeWire digest: Meta & Amazon Report Surging Profits; Threads Users Rise to 130 Million; YouTube Remains Online Video Leader

Big tech is reporting big, big profits. Meta shared a solid performance report for Q4 2023, posting a 25% year-on-year revenue increase, as well as a 201% rise in net income year-on-year for the quarter. Amazon similarly reported surging revenue. The tech giant’s net sales increased 14% in Q4 2023 from the final quarter of the previous year, from USD$149 (£117.bn) to USD$170bn (£133bn).

Threads will undoubtedly soon be another moneymaker for Meta, with its number of monthly users rising to over 130 million in Q4 2023, up from 30 million in the previous quarter. App intelligence provider Appfigures found that the app tripled its downloads in December, becoming the sixth most downloaded app across the Apple App Store and Google Play. (As of yet, the platform does not have any monetisation methods in place.) Instagram continues to dominate much of the social media landscape, and despite Facebook’s wavering popularity, the platform’s daily active users also continue to increase.

Meta’s platforms are thriving, but none are managing to overtake YouTube, which remains the online video leader. According to consumer research, YouTube is the platform the most people spend time on regularly, being used by 83% of US adult respondents, versus Facebook (68%), Instagram (47%), and TikTok (33%).