Mark Zuckerberg, the founder of Facebook, reported that his new social media app, Threads, has seen higher repeat usage than initially expected.

The app raced to over 100 million sign-ups within days of its recent launch, challenging rival platforms like Elon Musk’s X, formerly known as Twitter.

However, concerns have arisen about Threads’ ability to maintain user engagement, as data from external firms indicated a decline in sign-ups and time spent on the platform post-launch.

Despite the initial success, Zuckerberg acknowledged that there is more work to be done to maximize Threads’ potential and keep users coming back.

Meta, the parent company of Facebook, Instagram, and WhatsApp, reported strong growth in advertising sales and user numbers. Globally, 3.07 billion people were active on one of Meta’s apps each day.

The company’s advertising sales reached $32 billion in the April-June period, surpassing analysts’ expectations with an 11% increase compared to the previous year. Profits saw even faster growth, rising by 16% year-on-year to $7.79 billion.

Meta’s shares saw a boost in after-hours trade, with the stock price more than doubling since the beginning of the year. Investors have been drawn to Zuckerberg’s efforts to cut costs and refocus the tech giant.

However, Meta still faces challenges, including a weak advertising market, stiff competition in advertising and artificial intelligence, and yet-to-be-realized returns on its virtual reality investments. T

he company has been restructuring its workforce, employing about 71,469 people by the end of June, a 14% reduction from the previous year, with further layoffs expected.

Despite the potential obstacles, industry analysts believe Meta is in a strong position due to its recent momentum, which will aid the company in facing future challenges and maintaining its growth trajectory.