How Meta Makes Money
$56.3B in revenue, 47% net margin, and almost the entire company is one line item: advertising, at $55.0B.
$56.3B in revenue, 47% net margin, and almost the entire company is one line item: advertising, at $55.0B. Reality Labs — the VR/metaverse bet that gets a disproportionate share of headlines — contributes all of $0.4B. The genuinely unusual thing about this quarter's chart isn't the segment split, it's what happens at the very bottom: Meta recorded a net income TAX BENEFIT, meaning tax was a credit rather than a cost. Every other reel in this series has a red "Tax" bar subtracting from operating profit on the way to net profit. This one doesn't, because drawing a benefit as a subtraction would have visually lied about what actually happened — so operating profit climbs straight into net profit instead, and the ~$3.9B gap gets called out in the caption rather than misrepresented as a shape.
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