Meta, the parent company of social media giants Facebook and Instagram, outperformed Q3 revenue expectations, capitalizing on resilient consumer spending and attracting advertisers.
In a notable development, Meta has revised its 2023 expense forecast, reducing it to a range of $87 billion to $89 billion from the earlier estimate of $88 billion to $91 billion.
This financial news buoyed investor sentiment, propelling Meta’s shares to a 4% surge during after-hours trading.
For the quarter ending in September, revenue posted a remarkable 23% growth, reaching $34.15 billion. Market analysts had anticipated revenue of $33.56 billion, according to LSEG data.
Meta reported a 7% expansion in daily active people (DAP), a key metric that tracks unique users engaging with any of its apps, including Facebook, Instagram, Messenger, and WhatsApp within a single day. This mirrors the 7% DAP growth experienced in the preceding June quarter.
Facebook’s daily active users increased by 5%, and ad impressions across Meta’s app portfolio saw an impressive 31% upsurge.
Meta’s strong Q3 performance underscores its appeal to advertisers and reaffirms its status as a dominant player in the social media and advertising landscape.
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