Meta Platforms Q3 Earnings: Revenue Beat, EPS Beat, Daily Actives Up 5%, 'Strong Momentum' In AI (CORRECTED)

Editor’s Note: The fourth-quarter revenue estimate was corrected.

Meta Platforms Inc META reported third-quarter financial results after the market close on Wednesday. Here’s everything you need to know from the quarter.

Q3 Earnings: Meta reported third-quarter revenue of $40.59 billion, beating analyst estimates of $40.29 billion. The company reported third-quarter adjusted earnings of $6.03 per share, beating analyst estimates of $5.25 per share.

Meta has now beat analyst estimates on the top and bottom lines in seven consecutive quarters, according to Benzinga Pro.

Total revenue was up 19% on a year-over-year basis. Family daily active people were up 5% year-over-year to 3.29 billion. Ad impressions jumped 7% year-over-year and average price per ad increased by 11% year-over-year.

Costs and expenses came in at $23.24 billion, up 14% year-over-year. Capital expenditures came in at $9.2 billion. The company ended the quarter with $70.9 billion in cash, cash equivalents and marketable securities, and $28.82 billion of long-term debt.

Meta noted that its headcount was up 9% year-over-year to 72,404 as of Sept. 30.

“We had a good quarter driven by AI progress across our apps and business,” said Mark Zuckerberg, founder and CEO of Meta. “We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses.”

Related Link: Alphabet’s Earnings Rally Pushes Magnificent 7 Market Cap To Record $16.8 Trillion: 10 Tech-Heavy ETFs Moving Wednesday

Outlook: Meta expects fourth-quarter revenue to be in the range of $45 billion to $48 billion versus an estimate of $46.31 billion.

Meta expects full-year 2024 total expenses to be in the range of $96 billion to $98 billion, versus prior guidance of $96 to $99 billion. The company expects full-year 2024 capital expenditures to be in the range of $38 billion to $40 billion, versus its prior guidance range of $37 billion to $40 billion.

“For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem,” the company said.

Meta executives will hold a conference call to discuss the company’s quarterly results at 5 p.m. ET.

META Price Action: Meta Platforms shares were up approximately 68% year-to-date heading into the report. The stock was flat after-hours, trading at $592 at the time of publication Wednesday, according to Benzinga Pro.

Read Next:

• Apple Refreshes MacBook Pro Lineup With M4 Pro and M4 Max 3Nm Chips

Photo: Shutterstock.