Meta profit triples in third quarter as revenue beats forecast

Summarised from 2 outlets · Updated 21 Oct, 23:32 · Archive

Meta reported third-quarter net income of $9.86 billion, more than triple the year-earlier figure, with revenue of $64.60 billion.

Meta Platforms reported third-quarter net income of $9.86 billion, or $3.83 per share, up from $2.71 billion, or $1.05 per share, a year earlier. Revenue grew 26 per cent to $64.60 billion, up from $51.24 billion in the prior-year quarter and above the $63.34 billion expected by analysts. Excluding the impact of a $9.89 billion charge related to an settlement with 48 U.S. states, the company's earnings would have been $7.40 per share.

In August, Meta reached an $18 billion settlement over the effects of social media on teen mental health. The company agreed to take steps to keep children under 13 off Instagram and Facebook and to place teens aged 14 to 18 in age-appropriate accounts.

CEO Mark Zuckerberg said the company had hit 'major milestones' toward delivering 'personal superintelligence for everyone' through the launch of Muse and Muse Wonder. More than 10 million people in the U.S. and Canada have set up accounts for Muse, the personal artificial intelligence agent launched in August. Daily active users across Meta's family of apps — Facebook, Messenger, Instagram and WhatsApp — grew 3 per cent year-on-year to an average of 3.64 billion. The company had 66,775 employees as of 30 September, a 15 per cent decrease year-over-year.

How it is being reported

• Meta Q3 revenue tops estimates and Zuckerberg says Muse accounts have topped 10 millionMeta Platforms says its third-quarter profit jumped more than threefold, as revenue climbed sharply.News4Jax · 21 Oct, 23:04
• Meta Q3 revenue tops estimates and Zuckerberg says Muse accounts have topped 10 millionMeta Platforms says its third-quarter profit jumped more than threefold, as revenue climbed sharply.Clickorlando · 21 Oct, 23:04

In this story: Meta · Facebook · Instagram · Mark Zuckerberg · WhatsApp · Messenger · Menlo Park

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