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Market Updates

Meta Platforms Inc. edged down 0.8% to $297.10 after the parent company of Instagram and Facebook reported strong quarterly results but guided softening advertising revenue in the current quarter.

Revenue in the third quarter increased 23% to $34.1 billion from $27.7 billion, net income soared 164% to $11.6 billion from $4.4 billion, and diluted earnings per share advanced to $4.39 from $1.64 a year ago.

Daily active users across all brands, including Facebook and Instagram, increased 7% to 3.14 billion, and monthly active users jumped 7% to 3.96 billion.

Facebook daily active users increased 5% to 2.09 billion, and monthly active users edged up 3% to 3.05 billion.

In the third quarter, ad impressions delivered across all brands increased by 31% from a year ago, and the average price per ad decreased by 6%, respectively.

In the nine-month period, the company reported losses in Reality Labs jumped to $11.4 billion compared to $9.4 billion a year ago.

The number of people working at the company at the end of the September quarter declined 24% to 66,185, and the employee count reflects a substantial majority of people impacted by the recent layoffs.


26 Oct, 2023

     

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