Live Blog: Meta Reports Q3 Earnings

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            Live Blog: Meta Reports Q3 Earnings

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.

Featured Image: Dennis Diatel/Shutterstock

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