Meta saw a 23% increase from the previous year with revenue of $34.15 billion. The company reported a 21% increase in its advertising business with revenue of $33.64 billion. Meta reported a 31% increase in ads viewed compared to the last year’s Q3, while the average price per ad went down by 6%. As per the report, the total net income for Meta reached $11.58 billion.
The company, during the earnings call, highlighted that improving monetization on its platforms: Monetising Reels, engaging on-platform ads, making it easier for brands to leverage their own data, and using AI advancements to drive better campaign outcomes is their focus.
Meta’s services grew at a slower pace. The total active Meta users average 3.14 billion, displaying a 7% annual increase. Facebook showed a 5% increase from the previous year with daily active users averaging at 2.09 billion in September 2023.
Susan Li, CFO of Meta announced in the Q3 earnings call that the company was expecting to make sales in the range of $36.5 billion to $40 billion in Q4FY23. Meta forecasted increased spending in the coming year superseding the Wall Street estimates.
Meta’s Threads attracted under 100 million monthly active users within three months of its launch. The app, however, saw a sharp decline in its user base in the first nine months of 2022. Meta CEO Mark Zuckerberg reported that he has made big job cuts by cutting down the workforce by over 21,000 employees.
Israel-Palestine conflict was cited as a reason for changes in advertising revenue and dampening upcoming sales.
Source: Social Samosa
