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Meta reported better-than-expected results for the third quarter as revenue increased 23%, the fastest rate of growth since 2021. The stock rose more than 4% in extended trading on Wednesday.
Earnings:Â $4.39 per share vs $3.63 per share expected by LSEG, formerly known as Refinitiv.Revenue: $34.15 billion vs $33.56 billion expected by LSEG.Investors will also be focused on user numbers:
Daily active users (DAUs): 2.09 billion vs 2.07 billion expected, according to StreetAccountMonthly active users (MAUs): 3.05 billion vs 3.05 billion expected, according to StreetAccountAverage revenue per user (ARPU): $11.05 expected, according to StreetAccountFor the fourth quarter, Meta said it expects revenue of $36.5 billion to $40 billion. Analysts were expecting sales for the quarter of $38.85 billion, according to LSEG. At the mid-point of the range, growth in the quarter will be about 19% from a year earlier.
Meta said that its total expense outlook for 2023 will be in the range of $87 billion to $89 billion, which is down from its previous forecast of $88 billion to $91 billion.
The company said that its 2024 total expense outlook will fall in the range of $94 billion to $99 billion.
Meta's Reality Labs division that focusses on virtual reality and augmented reality technologies generated $3.74 billion in operating losses for the quarter.
The social networking giant said it now has 3.9 billion monthly active people.
WATCH: Attorney generals around the country file lawsuit against Meta over addictive features.
CORRECTION: This story has been updated to reflect that Refinitiv is now known as LSEG. A previous version of this story misspelled the company name.
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