Meta is ready to report Q3 earnings at this time at 5:00 PM Jap time. Highlights from the earnings report revealed earlier at this time reveal development that beat analysts’ expectations, pushed by a big rise in promoting income.
Key takeaways from Meta’s Q3 2023 earnings report embrace:
- Income of $34.1 billion, up 23% year-over-year
- Promoting income grew 21%, excluding forex impression
- Earnings per share of $4.39, far exceeding estimates
- Internet earnings elevated 164% to $11.6 billion
- Bills decreased 7% in comparison with Q3 2022
- Actuality Labs working loss was $3.7 billion as metaverse funding continues
- Revised 2023 expense outlook to $87-89 billion, down from the prior $88-91 billion vary. Now expects 2023 capital spending of $27-29 billion
- Rising authorized and regulatory scrutiny cited as a headwind
- Consumer development and income development had slowed in current quarters
Keep tuned as we stay weblog key earnings insights for digital advertising professionals.
5:02 PM ET: CEO Mark Zuckerberg says Meta had a “good quarter” general, with three billion customers throughout platforms.
He highlights new product launches just like the Meta Quest 3 VR headset and Ray-Ban Tales good glasses.
5:05 PM ET: Zuckerberg referred to as out Meta’s AI work as one other earnings spotlight. This included Meta AI, the AI inventive studio, the EMU mannequin, early testing of a enterprise AI platform, and plans to launch a creator-focused AI subsequent 12 months.
5:07 PM ET: Zuckerberg revealed Meta will de-prioritize non-AI initiatives and make AI the singular prime precedence for the corporate in 2024.
5:09 PM ET: Zuckerberg says Reels has elevated time spent on Fb and Instagram by over 40% since launching.
5:11 PM ET: Zuckerberg shared that AI-powered suggestions in Fb and Instagram feeds have pushed single-digit will increase in time spent on every platform.
5:13 PM ET: Meta offered an replace on its Threads app, saying it now approaches 100 million month-to-month lively customers. Zuckerberg mentioned he believes Threads can attain a billion customers.
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