During the reported quarter, the Facebook owner registered a total revenue of $34.14bn, which is an increase of 23%, compared to $27.71bn earned in Q3 2022, while Q2 2023 saw the technology major earn $31.99bn in total revenue
Meta, which is the owner of Facebook, reported total revenue of $34.14bn for the third quarter of 2023. (Credit: Firmbee from Pixabay)
Meta Platforms has reported a 164% surge year-over-year (YoY) in its net income for the third quarter of 2023 (Q3 2023) at $11.58bn compared to $4.39bn in the same quarter of the previous year.
In the preceding quarter, that is Q2 2023, the parent company of Facebook had a net income of $7.78bn.
The diluted earnings per share (EPS) of the social technology company in Q3 2023 ended 30 September 2023 were $4.39, a growth of 168% compared to $1.64 in the corresponding quarter of the previous year.
During the reported quarter, the Facebook owner registered a total revenue of $34.14bn, which is 23% more compared to $27.71bn in Q3 2022. In Q2 2023, the technology major’s total revenue was $31.99bn.
Meta expects its Q4 2023 total revenue to be in the range of $36.5bn and $40bn.
For the nine months ended 30 September 2023, Meta’s net income was $25.08bn, compared to a net income of $18.54bn for the same period of 2022.
The company’s revenue for the nine months ended 30 September 2023 was $94.79bn, compared to revenue of $84.44bn in the same period of the previous year.
Meta’s family of apps (FoA) unit, which includes Facebook, Messenger, Instagram, WhatsApp, and other services, earned revenue of $33.94bn in Q3 2023, compared to revenue of $27.43bn in the corresponding quarter of 2022.
Advertising revenue from the various apps in Q3 2023 was $33.64bn, compared to $27.24bn in the same period of the previous year.
The company’s reality labs business had revenue of $210m in the reported three months, compared to $285m in Q3 2022. This unit includes the company’s augmented and virtual reality (AR and VR) related consumer hardware, software, and content.
The parent company of Facebook said that the daily active users (DAUs) for Facebook were 2.09 billion on average for September 2023, which is a 5% increase year-over-year.
Meta founder and CEO Mark Zuckerberg said: “We had a good quarter for our community and business. I’m proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio.”
Earlier this month, the social technology company started rolling out its first generative artificial intelligence (AI)-driven features for ad creatives in the company’s Ads Manager section for all advertisers.