Meta Announces Positive Financial Results for Q3 2023

MENLO PARK, Calif., Oct. 25, 2023 (NEWS PROVIDED BY V SOCIAL MEDIA OF HOLLYWOOD) - Meta Platforms, Inc. (Nasdaq: META) disclosed its financial performance for the third quarter of 2023, ending September 30. The report shows promising growth in various financial metrics.

Mark Zuckerberg, Meta's founder and CEO, commented on the results, "We had a good quarter for our community and business. I'm proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio."

Key Financial Highlights from Q3 2023:

• Revenue reported at $34.15 billion, marking a 23% rise year-over-year.

• Operating margin stood at 40%, up from 20% in 2022.

• Net income saw a significant jump to $11.58 billion, a 164% increase from the previous year.

• Diluted earnings per share (EPS) increased to $4.39, a 168% surge from $1.64 in 2022.

Operational Highlights:

• Daily Active People (DAP) averaged at 3.14 billion in September 2023, up by 7% year-over-year.

• Monthly Active People (MAP) reached 3.96 billion as of September 30, 2023, reflecting a 7% year-over-year increase.

• Facebook's daily active users (DAUs) and monthly active users (MAUs) also grew by 5% and 3%, respectively.

Restructuring was also highlighted, pointing to measures initiated in 2022 to optimize efficiency and refocus business priorities. By the end of September 2023, most planned employee layoffs had been realized, with further assessments in facilities consolidation and data center restructuring on the horizon.

Looking ahead, the company's CFO provided an outlook for Q4 2023, forecasting total revenue between $36.5 to $40 billion. Additionally, the total expenses for 2023 have been projected to be between $87-89 billion, lowered from an initial range of $88-91 billion. Notably, this figure includes around $3.5 billion of restructuring costs.

Meta also acknowledges the potential challenges from regulatory landscapes, especially in the EU and the US. The Federal Trade Commission's move to modify Meta's current consent order could have ramifications for the company's operations, though Meta is currently contesting this issue.

For a detailed understanding of Meta's financial results and related materials, the company invites interested parties to visit their investor relations page at investor.fb.com.

SOURCE Meta via PR Newswire