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Sep 30, 2023
Meta Q3 2023 Earnings Report
Meta reported financial results for the quarter ended September 30, 2023.
Key Takeaways
Meta's Q3 2023 earnings revealed a strong performance with a 23% increase in revenue year-over-year, reaching $34.15 billion. Net income soared by 164% to $11.58 billion, and diluted EPS increased by 168% to $4.39. The company also saw growth in daily and monthly active users across its Family of Apps and Facebook.
Revenue increased by 23% year-over-year to $34.15 billion.
Net income increased by 164% year-over-year to $11.58 billion.
Diluted earnings per share (EPS) increased by 168% year-over-year to $4.39.
Ad impressions delivered across the Family of Apps increased by 31% year-over-year.
Meta
Meta
Meta Revenue by Segment
Revenue by Segment
Family of Apps Revenue
CapyFin.comReality Labs Revenue
CapyFin.com Forward Guidance
Meta expects fourth quarter 2023 total revenue to be in the range of $36.5-40 billion. Full-year 2023 total expenses are expected to be in the range of $87-89 billion. Full-year 2024 total expenses to be in the range of $94-99 billion.
Positive Outlook
- Expects fourth quarter 2023 total revenue to be in the range of $36.5-40 billion.
- Guidance assumes a foreign currency tailwind of approximately 2% to year-over-year total revenue growth in the fourth quarter.
- Anticipates full-year 2023 total expenses will be in the range of $87-89 billion, lowered from prior range.
- Expects 2023 capital expenditures to be in the range of $27-29 billion, updated from prior estimate.
- Expects fourth quarter 2023 and full-year 2024 tax rates to be similar to the third quarter of 2023.
Challenges Ahead
- Expects Reality Labs operating losses to increase year-over-year in 2023.
- Expects full-year 2024 total expenses to be in the range of $94-99 billion.
- Expects depreciation expenses in 2024 to increase by a larger amount than in 2023.
- Anticipates growth in payroll expenses as we work down our current hiring underrun and add incremental talent to support priority areas in 2024.
- Expects Reality Labs operating losses to increase meaningfully year-over-year due to ongoing product development efforts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income