Meta Platforms reported Q3 2023 revenue of $29.01 billion, beating estimates of $27.84 billion.
Meta reported a slowdown in user growth in its mature markets, including the United States and Canada.
Meta's daily active users (DAUs) were 1.93 billion on average for September 2023, an increase of 7% year-over-year.
The company's net income was $9.5 billion, or $3.22 per share, surpassing the expected $2.71 per share.
The company warned of potential headwinds, including regulatory scrutiny and changes in privacy norms, which could impact its advertising business.
Meta Platforms Inc., formerly known as Facebook, reported its third-quarter earnings for 2023, surpassing Wall Street's expectations. The company's stock rose by 4% following the announcement. Meta's revenue for the quarter was $29.01 billion, a 35% increase from the same period last year, beating estimates of $27.84 billion. The company's net income was $9.5 billion, or $3.22 per share, surpassing the expected $2.71 per share. The company's daily active users (DAUs) were 1.93 billion on average for September 2023, an increase of 7% year-over-year.
Despite the positive earnings report, Meta also reported a slowdown in user growth in its mature markets, including the United States and Canada. The company's operating margin was 38%, down from 42% in the same period last year. Meta also warned of potential headwinds, including regulatory scrutiny and changes in privacy norms, which could impact its advertising business. The company's shares, which initially rose following the earnings announcement, later gave up some of those gains due to these concerns.
The company's stock rose 4% in after-hours trading following the release of the earnings report.
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The company's total revenue for the quarter was $29.01 billion, up 35% from the same period last year.
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CNBC is owned by NBCUniversal, a subsidiary of Comcast Corporation. Comcast has significant investments in the technology sector, which could potentially influence CNBC's coverage of tech companies like Meta.
Analysts are expecting earnings of $3.19 per share on revenue of $28.28 billion.
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Yahoo Finance is owned by Verizon Communications, which has significant investments in the technology sector. This could potentially influence the site's coverage of tech companies like Meta.
The company's total revenue for the quarter was $29.01 billion, up 35% from the same period last year.
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Nasdaq is a stock exchange operator and its financial health is directly tied to the performance of listed companies, including Meta. This could potentially influence its coverage of these companies.