The parent company of Facebook earned revenue of $27.7bn during the third quarter of 2022 ended 30 September 2022, which was 4% lesser compared to the revenue of $29bn made during the corresponding quarter of the previous year
Meta Platforms has reported a net income of $4.4bn for the third quarter of 2022 (Q3 2022), a decrease of 52%, compared to $9.2bn in the same quarter of the previous year.
In the preceding quarter, that is Q2 2022, the parent company of Facebook had a net income of $6.68bn.
The diluted earnings per share (EPS) of Meta in Q3 2022 ended 30 September 2022 were $1.64, which is a 49% decrease compared to $3.22 in the corresponding quarter of the previous year.
Its total revenue for the reported quarter was $27.7bn, which is 4% lesser compared to $29bn in Q3 2021. Meta said that if the foreign exchange rates were constant with Q3 2021, then the revenue in the reported quarter would have been higher by $1.79bn.
In Q2 2022, Meta’s total revenue was $28.82bn.
The company expects its Q4 2022 total revenue to be in the range of $30bn and $32.5bn.
For the nine months ended 30 September 2022, Meta’s net income was $18.54bn, compared to a net income of $29.08bn in the same period of 2021.
The company’s revenue for the nine months ended 30 September 2022 was $84.44bn compared to revenue of $84.25bn 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 $27.42bn in Q3 2022, compared to revenue of $28.45bn in the corresponding quarter of 2021.
Meta’s reality labs business had revenue of $285m in the reported three months, compared to $558m in Q3 2021. This unit includes the company’s augmented and virtual reality (AR and VR) related consumer hardware, software, and content.
Meta said that the daily active users (DAUs) for Facebook were 1.98 billion on average for September 2022, which is a 3% increase year-over-year.
Meta founder and CEO Mark Zuckerberg said: “Our community continues to grow and I’m pleased with the strong engagement we’re seeing driven by progress on our discovery engine and products like Reels.
“While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth. We’re approaching 2023 with a focus on prioritisation and efficiency that will help us navigate the current environment and emerge an even stronger company.”