Mon. May 27th, 2024

Meta Platforms Inc (META) Q3 2023 Earnings Report: Revenue Up 23% YoY

Meta Platforms Inc (META) Q3 2023 Earnings Report: Revenue Up 23% YoY

Meta Platforms Inc (NASDAQ:META) released its Q3 2023 earnings report on October 25, 2023. The company reported a 23% YoY increase in revenue, reaching $34.15 billion. Net income also saw a significant rise of 164% YoY, amounting to $11.58 billion. Diluted earnings per share (EPS) increased by 168% YoY to $4.39.

Financial Performance

Meta Platforms Inc’s revenue for Q3 2023 was $34.15 billion, a 23% increase from the same period in 2022. The company’s net income also rose significantly by 164% YoY to $11.58 billion. Diluted earnings per share (EPS) increased by 168% YoY to $4.39.

Costs and expenses for the quarter were $20.40 billion, a decrease of 7% YoY. The company’s operating margin was 40%, a significant increase from the 20% reported in Q3 2022. The effective tax rate for the quarter was 17%, down from 21% in the same period last year.

Operational Highlights

Meta Platforms Inc reported that Family daily active people (DAP) was 3.14 billion on average for September 2023, a 7% YoY increase. Family monthly active people (MAP) was 3.96 billion as of September 30, 2023, also a 7% YoY increase. Facebook daily active users (DAUs) were 2.09 billion on average for September 2023, a 5% YoY increase. Facebook monthly active users (MAUs) were 3.05 billion as of September 30, 2023, a 3% YoY increase.

Financial Position

As of September 30, 2023, Meta Platforms Inc had cash, cash equivalents, and marketable securities amounting to $61.12 billion. The company’s long-term debt was $18.38 billion. The company also reported a headcount of 66,185, a decrease of 24% YoY.

Outlook

For Q4 2023, Meta Platforms Inc expects total revenue to be in the range of $36.5-40 billion. The company anticipates full-year 2023 total expenses to be in the range of $87-89 billion, lowered from the prior range of $88-91 billion. For 2024, the company expects total expenses to be in the range of $94-99 billion.

Share Repurchases

During Q3 2023, Meta Platforms Inc repurchased $3.70 billion of its Class A common stock. As of September 30, 2023, the company had $37.22 billion available and authorized for repurchases.

Explore the complete 8-K earnings release (here) from Meta Platforms Inc for further details.

This article first appeared on GuruFocus.

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