Editor’s Be aware: The fourth-quarter income estimate was corrected.
Meta Platforms Inc META reported third-quarter monetary outcomes after the market shut on Wednesday. Right here’s every part you should know from the quarter.
Q3 Earnings: Meta reported third-quarter income of $40.59 billion, beating analyst estimates of $40.29 billion. The corporate reported third-quarter adjusted earnings of $6.03 per share, beating analyst estimates of $5.25 per share.
Meta has now beat analyst estimates on the highest and backside strains in seven consecutive quarters, based on Benzinga Professional.
Whole income was up 19% on a year-over-year foundation. Household each day energetic individuals had been up 5% year-over-year to three.29 billion. Advert impressions jumped 7% year-over-year and common worth per advert elevated by 11% year-over-year.
Prices and bills got here in at $23.24 billion, up 14% year-over-year. Capital expenditures got here in at $9.2 billion. The corporate ended the quarter with $70.9 billion in money, money equivalents and marketable securities, and $28.82 billion of long-term debt.
Meta famous that its headcount was up 9% year-over-year to 72,404 as of Sept. 30.
“We had an excellent quarter pushed by AI progress throughout our apps and enterprise,” stated Mark Zuckerberg, founder and CEO of Meta. “We even have sturdy momentum with Meta AI, Llama adoption, and AI-powered glasses.”
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Outlook: Meta expects fourth-quarter income to be within the vary of $45 billion to $48 billion versus an estimate of $46.31 billion.
Meta expects full-year 2024 whole bills to be within the vary of $96 billion to $98 billion, versus prior steerage of $96 to $99 billion. The corporate expects full-year 2024 capital expenditures to be within the vary of $38 billion to $40 billion, versus its prior steerage vary of $37 billion to $40 billion.
“For Actuality Labs, we proceed to count on 2024 working losses to extend meaningfully year-over-year as a consequence of our ongoing product improvement efforts and investments to additional scale our ecosystem,” the corporate stated.
Meta executives will maintain a convention name to debate the corporate’s quarterly outcomes at 5 p.m. ET.
META Worth Motion: Meta Platforms shares had been up roughly 68% year-to-date heading into the report. The inventory was flat after-hours, buying and selling at $592 on the time of publication Wednesday, based on Benzinga Professional.
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