Meta is set to report Q3 earnings today at 5:00 PM Eastern time. Highlights from the earnings report published earlier today reveal growth that beat analysts’ expectations, driven by a significant rise in advertising revenue.
Key takeaways from Meta’s Q3 2023 earnings report include:
- Revenue of $34.1 billion, up 23% year-over-year
- Advertising revenue grew 21% excluding currency impact
- Earnings per share of $4.39, far exceeding estimates
- Net income increased 164% to $11.6 billion
- Expenses decreased 7% compared to Q3 2022
- Reality Labs operating loss was $3.7 billion as metaverse investment continues
- Revised 2023 expense outlook to $87-89 billion, down from prior $88-91 billion range. Now expects 2023 capital spending of $27-29 billion
- Increasing legal and regulatory scrutiny cited as a headwind
- User growth and revenue growth had slowed in recent quarters
Stay tuned as we live blog key earnings insights for digital marketing professionals.
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