Meta generated $34 billion in revenue in Q3
San Francisco: Meta reported revenue of $34 billion in its third quarter, up 23 percent from the same quarter last year. Total costs and expenses were $20.40 billion, a decline of 7 percent (year-on-year) in the September quarter. Net income in the quarter rose 164 percent from a year earlier to $11.58 billion.
However, the company is still burning cash with its Reality Labs division and Meta expects a “meaningful” increase in its operating losses year-over-year. Meta’s AR-VR division has lost about $25 billion since the beginning of last year.
“We had a great quarter for our community and business. Building on the work our teams have done to advance AI and mixed reality with the launch of the Quest 3, Ray-Ban Meta smart glasses, and our AI Studio I’m proud,” Meta founder and CEO Mark Zuckerberg said in a statement late Wednesday.
Meta stock initially rose but then fell more than 3 percent. The company had an average of 3.14 billion household daily actives (DAPs) in September, an increase of 7 percent year-on-year.
Facebook’s daily active users (DAU) averaged 2.09 billion in September, an increase of 5 percent.
“We expect total revenues to be between $36.5-40 billion in the fourth quarter of 2023,” the company said. Meta’s Reality Labs division, which focuses on AR-VR, recorded a $3.74 billion operating loss for the quarter.
As of September 30, Metra had 66,185 employees, a 24 percent decline year-on-year.
